Mirae Asset Group is currently in negotiations to purchase Korbit, the fourth-largest cryptocurrency exchange in South Korea, with a valuation estimated between 100 billion and 140 billion Korean won (approximately $70 million to $100 million).
The acquisition would reportedly be spearheaded by Mirae Asset Consulting, an affiliate not involved in finance, which has allegedly signed a memorandum of understanding with the primary shareholders of Korbit, according to a report from The Chosun Daily published on Sunday.
Korbit is mainly owned by NXC and its subsidiary Simple Capital Futures, collectively holding around 60.5% of the exchange. An additional 31.5% stake is owned by SK Square.
Korbit possesses a complete operational license and compliance structure, which could make it a compelling gateway for any major financial group aiming for regulated access to digital assets.
Related: South Korean regulator misses stablecoin bill deadline: What’s next?
Korbit’s crypto trading volume
As per CoinGecko data, Korbit’s proportion of the crypto trading market in South Korea is minimal in comparison to its local counterparts. Of the approximately $1.21 billion in total 24-hour trading volume across six exchanges in Korea, Korbit only represented $5.75 million, which is significantly below 1% of the overall activity.
In contrast, Upbit leads the market with over $768 million in daily trading volume, followed by Bithumb with almost $298 million and Coinone at around $135 million.
Related: South Korea to impose bank-level liability on crypto exchanges after Upbit hack: Report
Naver moves to acquire Upbit operator Dunamu
As reported by Cointelegraph, Naver Financial has plans to acquire Dunamu, the operator of Upbit, through a stock-swap deal estimated at around 15.1 trillion won ($10.3 billion). Under this agreement, Naver Financial will issue 87.56 million new shares to the shareholders of Dunamu, leading to Dunamu becoming a wholly owned subsidiary.
Shareholders from both companies will cast their votes regarding the transaction on May 22, 2026, with the share exchange expected to take place on June 30. The agreement is still pending regulatory approval.
The plan for Naver Financial to acquire Dunamu was first disclosed in September. At that time, it was announced that Naver Financial would initiate a Korean won-backed stablecoin project alongside other digital finance endeavors post-acquisition.
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