Mirae Asset is negotiating to acquire 92% of Korbit's shares

A new transformation

Mirae Asset, one of South Korea's largest and most influential financial conglomerates, is reportedly in advanced negotiations to acquire approximately 92% of Korbit, one of the country's oldest cryptocurrency exchanges, in a deal valued at between $70 million and $100 million.

If completed, this transaction would mark Mirae Asset's most direct entry into the cryptocurrency exchange sector, signaling a decisive shift in how South Korea's traditional financial industry views digital assets.

Why Korbit at this particular time?

Korbit holds a unique position within South Korea's cryptocurrency ecosystem. As one of the first exchanges to launch in the country, it fully complies with local regulations, including physical bank requirements, AML standards, and reporting obligations under South Korea's stringent cryptocurrency legal framework.

Although Korbit's retail market share has declined compared to giants like Upbit and Bithumb, its legal transparency and institutional-ready structure make it an ideal acquisition target for a TradFi company seeking a regulatory-compliant entry point rather than explosive growth.

For Mirae Asset, timing was crucial. The cryptocurrency market had stabilized, valuations remained significantly lower than the peaks of previous cycles, and regulatory uncertainty had largely been resolved. Acquiring it now allowed Mirae to enter the sector at a low valuation while infrastructure and licensing were already in place.

Impact on the South Korean market

The Mirae-Korbit agreement will be one of the most significant convergence events between traditional finance and cryptocurrency in South Korea to date.

This strengthens the position of cryptocurrencies in the eyes of institutional and conservative investors, especially older investors who already trust Mirae Asset as a reliable financial manager.

This creates competitive pressure on existing exchanges. With the backing of a major financial group, Korbit can shift from a survival mode to repositioning itself as an institutional investor, focusing on regulation compliance, custody, and premium services instead of competing in retail trading.

If Mirae Asset successfully joins, other major South Korean financial players — including banks, insurance companies, and asset managers — could follow suit, driving up cryptocurrency adoption across the market among institutional investors.

Our review

The reported valuation underscores the sharp decline in cryptocurrency infrastructure valuations since the previous cycle. For Mirae Asset, acquiring approximately 92% of Korbit at this price represents an asymmetrical option.

Even a modest recovery in trading volume, institutional services, or new product lines could justify the investment. More importantly, this deal offers a strategic advantage rather than short-term financial gain—a typical characteristic of infrastructure investments.

It signals that one of the country's most powerful financial institutions today no longer views cryptocurrency as an experiment, but rather as a strategic expansion of modern finance.

Disclaimer: The information presented in this article is the author's personal opinion in the field of cryptocurrency. This is not financial or investment advice. All investment decisions should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official stance of the platform. We recommend that readers conduct their own research and consult with experts before making any investment decisions.

Compiled and analyzed by HCCVenture

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