The “Korean Buffett” is planning to acquire Korbit, which could turn around the fourth largest exchange in South Korea.

Author: Zen, PANews

South Korean cryptocurrency exchanges are constantly in flux. In late 2025, it was reported that Mirae Asset Group, a South Korean financial giant, was pursuing a stake in Korbit, South Korea's fourth-largest cryptocurrency exchange. This news of a traditional financial giant entering the cryptocurrency market has once again drawn attention to the South Korean market.

Currently, Mirae Asset Group has signed Memoranda of Understanding (MOUs) with Korbit's largest shareholder NXC and second-largest shareholder SK Planet. The agreements cover approximately all shares held by both companies, with the transaction valued at between 100 billion and 140 billion Korean won (approximately 70 million to 100 million US dollars). Due to confidentiality agreements, Mirae Asset Group cannot confirm specific details.

"South Korea's Buffett" ventures into cryptocurrency

Mirae Asset Group is one of South Korea's leading integrated financial groups, with businesses spanning asset management, securities investment banking and brokerage, and insurance, and globalization as its long-term strategic focus. According to the group's disclosures, as of July 2025, its total assets under management had exceeded US$700 billion.

The group is headed by Park Hyeon-joo, often referred to as the "Korean Warren Buffett." Since founding Mirae Asset Group in 1997, Park has served as a key decision-maker within the group and currently serves as its Global Strategy Officer, focusing on overseas operations. According to The Korea Times, sources say Park has consistently emphasized exploring businesses that connect traditional and digital assets globally.

Therefore, this acquisition of Korbit aligns with Park Hyun-joo's vision for financial innovation based on digital assets. Currently, Mirae Asset Consulting, a non-financial subsidiary of Mirae Asset, has signed memorandums of understanding with Korbit's two major shareholders—NXC, a holding company of gaming giant Nexon, and SK Planet, a subsidiary of the SK Group. NXC and its affiliates collectively hold approximately 60.5% of the shares, while SK Planet holds approximately 31.5%.

The reason for using Future Asset Consulting to complete the acquisition of Korbit is that South Korea has established a "separation of finance and virtual assets" principle since 2017, which stipulates that traditional financial institutions are generally prohibited from directly operating, holding, or controlling virtual asset-related businesses. Therefore, a non-financial subsidiary acting as the acquisition entity can circumvent regulatory restrictions.

Mirae Asset has not yet officially responded to this matter, but sources familiar with the matter say that the general direction of signing a memorandum of understanding has been basically confirmed. This move is also seen as an important signal that traditional South Korean financial institutions are actively expanding their digital asset business.

Shrinking market share and years of losses, Korbit hopes for a new owner.

Mirae Asset Group's foray into the cryptocurrency industry with its unexpected acquisition of Korbit is widely seen as a move that will have a significant impact on the South Korean cryptocurrency market. Some optimists even predict that the acquired Korbit will break the monopoly held by the two major exchanges, Upbit and Bithumb.

Founded in 2013, Korbit was one of the first cryptocurrency exchanges in South Korea to launch Bitcoin to Korean Won (BTC/KRW) trading. In its early days, Korbit held a prominent position in the Korean Won blockchain trading market, but its influence gradually diminished as market competition intensified.

While Korbit claims to be the fourth largest cryptocurrency exchange in South Korea, its market position and market share are far inferior to Upbit and Bithumb. As of the end of December 2025, Upbit and Bithumb had approximately 67% and 27% market share in 24-hour trading volume, respectively, while the third-largest exchange, Coinone, had about 5%, and Korbit had less than 1%, lagging far behind the industry leaders.

In terms of shareholder structure, NXC, the holding company of South Korean gaming giant Nexon, acquired approximately 62% of the virtual asset exchange Korbit in 2017 for 93 billion won (approximately US$70 million). In 2021, SK Square (or SK Planet), the investment platform of the SK Group, invested approximately 90 billion won in Korbit, acquiring approximately 35% of the shares and becoming the second-largest shareholder. Subsequently, NXC's shareholding was diluted to approximately 60.5%, while SK Square held approximately 31.5%.

From a timing perspective, the two traditional giants' foray into future industries such as blockchain and metaverse seems opportune. However, Korbit's operating performance has been less than ideal. After being acquired by NXC, its performance gradually deteriorated, resulting in operating losses for several consecutive years. In 2024, the South Korean cryptocurrency market recovered, finally enabling Korbit to return to profitability. Korbit's losses in 2024 were significantly narrower than in 2023. Coupled with non-recurring gains from investing in crypto assets, Korbit achieved a net profit of 9.8 billion won last year.

Therefore, NXC and SK Square had already begun seeking an exit strategy to find a buyer for Korbit. In February 2024, media reports indicated that NXC planned to sell its approximately 48% stake in Korbit. Since 2023, NXC and SK Square had contacted several potential buyers, but negotiations repeatedly failed due to differences in price expectations and internal/external issues with potential buyers.

It's worth noting that in November 2025, reports surfaced that Bybit had begun discussions with Korbit regarding a potential acquisition, but Korbit immediately denied the rumor, stating that "there has been no notification or negotiation regarding the sale of shares."

South Korean cryptocurrency exchanges face fierce competition and tightening regulations.

The current South Korean cryptocurrency market has formed a duopoly, with Upbit dominating and Bithumb making a strong push. After securing their market share, both giants are still building their competitive advantages while actively exploring ways to expand their business empires.

Upbit, the industry leader operated by Dunamu, has announced its acquisition by South Korean tech giant Naver through its financial subsidiary Naver Financial in a $10.3 billion all-stock transaction. According to the timeline announced by both parties, the final stock swap is expected to close on June 30, 2026.

Furthermore, according to Bloomberg, Upbit plans to conduct an initial public offering (IPO) on Nasdaq after the merger with Naver Financial is completed.

Bithumb has been preparing extensively for its 2026 listing on South Korea's KOSDAQ. In 2025, it initiated a corporate restructuring, legally and financially separating its core exchange business from non-exchange operations such as investments, holding companies, and new businesses. This aims to present clearer business boundaries and risk isolation during the listing review process. Samsung Securities is reportedly the lead underwriter for its IPO, and due diligence and other listing preparations are underway.

Therefore, given the increasingly fierce market competition, Korbit, with its extremely low market share, faces immense difficulty in breaking through the competition.

On the other hand, regulatory pressure not only hinders business development but also increases the uncertainty of future asset acquisitions.

In late 2025, the Financial Intelligence Unit (FIU) of South Korea announced that Korbit had been warned and fined 2.73 billion won (approximately US$2.08 million) for violating the Specific Financial Information Act. The company's representative and the person responsible for reporting the violation were also warned and disciplined. The FIU's penalties are typical enforcement actions against South Korean exchanges, primarily focusing on whether platforms fulfill their obligations regarding customer due diligence and transaction restrictions. Previously, the agency had also fined Dunamu approximately 35.2 billion won.

Furthermore, South Korea's Financial Services Commission, in its proposed "Basic Bill on Digital Assets" submitted to the National Assembly, suggested limiting the shareholding ratio of major shareholders in the country's four major virtual asset exchanges to between 15% and 20%, aiming to prevent a small number of founders and shareholders from controlling the exchanges' operations. If the bill is passed, the major exchanges will face structural adjustments and restructuring, raising strong concerns within the industry about excessive government regulation.

Therefore, whether Mirae Asset and Korbit can ultimately reach an agreement remains uncertain. Despite its small stake, Korbit, as a licensed exchange, possesses compliant infrastructure connecting to bank accounts, making it attractive to traditional financial institutions and allowing for rapid access to regulated virtual asset businesses. If the acquisition goes through, Mirae Asset, as a traditional financial giant, can provide Korbit with support far exceeding that of its existing shareholders, further promoting the integration of traditional finance and cryptocurrency businesses.