Coinone, South Korea’s third-largest cryptocurrency exchange, is exploring the sale of shares held by its chairman, according to a report from local news outlet Seoul Economic Daily.
Coinone is considering various options to sell a portion of Chairman and largest shareholder Cha Myung-hoon’s 53.4% stake, the report said. Cha’s holdings include his personal stake of 19.14% and a 3.43% stake owned by his company, The One Group.
A representative from Coinone reportedly said that the company is in talks with major overseas exchanges and local financial institutions about potential participation in the sale through equity investments, but noted that “nothing specific has been decided yet.”
Cha, a white hat hacker-turned businessman, recently returned to active management after a four-month hiatus following his resignation as CEO. The report said his return may be related to preparations for the stake sale or a larger deal. It added that shares held by the second-largest shareholder, local gaming firm Com2Us — which acquired a 38.42% stake between 2021 and 2022 — could also potentially be included in any deal.
The development comes as Coinone continues to face financial pressure. The exchange has posted losses in recent periods, leaving it with a book value of about 75.2 billion won ($52.2 million) at the end of the third quarter. This is well below its previous valuation of 94.4 billion won, according to the report.
The report, citing industry sources, said Coinbase may participate in the sale, adding that executives from the U.S. exchange are scheduled to visit South Korea this week to meet with Coinone executives, as well as those from other local firms.
Coinone has not issued a public confirmation of any finalized deal, and discussions remain preliminary. The Block has reached out to Coinone for comment.
Meanwhile, other major crypto exchanges in South Korea have recently gone through major ownership shakeups.
Dunamu, the parent company of South Korea’s largest crypto exchange Upbit, became a subsidiary of South Korean internet giant Naver following a merger-acquisition deal with Naver Financial in November.
Separately, in October, local media reported that Binance completed its acquisition of Gopax, the country’s fifth-largest exchange, after South Korean authorities delayed approval of the ownership change for nearly two years.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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