- Mirae Asset Consulting will acquire a 92% controlling stake in South Korean crypto exchange Korbit for approximately $93 million.
- The deal aims to secure future growth drivers through digital asset businesses for the financial services group.
- Korbit has returned to profitability, posting a net profit of $7.1 million in its last fiscal year.
In a major consolidation move within South Korea‘s crypto sector, financial giant Mirae Asset Consulting has agreed to acquire a controlling 92.06% stake in the local exchange Korbit for roughly $93 million. The agreement, announced in a Friday regulatory filing, seeks to “secure future growth drivers through digital-asset (virtual-asset) businesses,” according to the company. Consequently, this acquisition marks a significant strategic pivot for the traditional finance group into the regulated digital asset space.
Korbit recently reported 8.7 billion won in revenue and a net profit of 9.8 billion won (approximately $7.1 million) in its most recent fiscal year, reversing previous losses. However, the exchange remains a relatively small player domestically, with Korea“>data showing it recorded about $59.9 million in daily trading volume. Meanwhile, market leaders Upbit and Bithumb accounted for the vast majority of South Korea’s $3.64 billion in daily trading activity.
The transaction has not yet closed, with settlement expected within seven business days after all contractual conditions are satisfied. Mirae Asset’s move follows industry trends, as local exchange Coinone is also exploring a potential sale. According to reports, Korbit possesses a full operating license and compliance infrastructure, making it an attractive entry point for a major financial group seeking regulated exposure to digital assets.
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