TLDR
- Mirae Asset Consulting completed its acquisition of South Korean crypto exchange Korbit.
- The company became Korbit’s largest shareholder after finishing regulatory procedures.
- Mirae Asset plans to raise its stake from 92.06% to 97.15%.
- The additional purchase involves 1.59 million Korbit shares worth about $5.32 million.
- South Korea’s Fair Trade Commission called it the first traditional finance acquisition of a local crypto exchange.
South Korean financial group Mirae Asset has completed its acquisition of crypto exchange Korbit, marking a major move by traditional finance into the country’s digital asset market.
Mirae Asset Becomes Korbit’s Largest Shareholder
Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, has become Korbit’s largest shareholder after completing the required regulatory procedures. The deal gives Mirae Asset control of one of South Korea’s licensed crypto exchanges.
Korbit said its operating entity will remain unchanged after the acquisition. The exchange also said user deposits and personal data handling procedures will continue under the existing structure.
Mirae Asset Consulting is set to raise its ownership further through an additional share purchase. A revised regulatory filing showed the company plans to buy 1.59 million more Korbit shares for 7.89 billion won, or about $5.32 million.
The additional transaction would lift Mirae Asset Consulting’s stake from 92.06% to 97.15%. The total deal value would increase to 141.37 billion won from 133.48 billion won after the added purchase.
Deal Marks First Traditional Finance Move Into Korean Crypto Exchange
South Korea’s Fair Trade Commission approved the acquisition earlier in July. The antitrust regulator concluded that the deal was unlikely to restrict competition in the relevant market.
The regulator described the transaction as the first case in South Korea where an affiliate of a traditional financial group acquired a crypto exchange. The decision places Mirae Asset among major financial firms moving deeper into digital assets.
Mirae Asset Consulting said the acquisition is aimed at securing “future growth engines based on digital assets.” The company has also described the deal as part of efforts to build future growth momentum through crypto-related businesses.
The additional share purchase is expected to close on Friday. The merger process will continue after Mirae Asset Consulting completes post-closing steps, including updating Korbit’s shareholder registry and reorganizing the exchange’s board.
Mirae Asset Consulting currently oversees businesses across the group, including hotel and golf course operations. The Korbit acquisition gives the affiliate a new position in South Korea’s regulated crypto market.
Korbit Remains Smaller Than Upbit
Korbit is South Korea’s fourth-largest crypto exchange by trading volume. CoinGecko data showed the exchange handled about $4.3 million in trading volume during the latest 24-hour period.
Upbit remains the dominant player in the local market. The exchange recorded about $224.2 million in 24-hour trading volume, far above Korbit’s recent activity.
The deal arrives as South Korea’s crypto industry faces growing interest from financial institutions. Licensed exchanges remain key entry points for firms seeking exposure to digital asset trading and related services.
Mirae Asset’s control of Korbit could bring stronger financial backing to the exchange. The transaction also reflects wider competition among traditional firms exploring regulated crypto services.
Korbit users are not expected to see immediate changes to account operations, deposits, or data management. The exchange’s statement suggested that daily platform functions will continue while ownership changes move through final corporate steps.
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