On January 26, 2026, East 8 Time, South Korea's third-largest cryptocurrency exchange Coinone was reported to have its major shareholder considering the sale of a portion of its equity, drawing significant attention from the industry. The controlling shareholder Cha Myung-hoon and his associated entities hold a total of 53.44% of the shares, which have become potential liquid assets, while another major shareholder's cost basis is in the red, complicating this shareholder game. Continuous losses and a book value that has fallen below the cost of some shareholders are forcing a loosening of the equity structure. Against the backdrop of global giants eyeing overseas licenses and traffic entry points, this equity change at Coinone may be more than just a stock transaction; it could be a prelude to a reshaping of the exchange landscape in South Korea: whether the local camp will lose ground and whether international platforms can seize the opportunity are the core unresolved questions.
Major Shareholder Loosens Control of 53% Voting Power
● Control Structure: According to a single source, Cha Myung-hoon personally holds 19.14% of the shares, while his associated entity The One Group holds approximately 34.3%, totaling 53.44% of the shares, constituting absolute control over Coinone. This structure means that as long as he chooses to loosen some shares, it would be enough to change the voting pattern at the shareholders' meeting, reserving space for new capital to enter while also laying the groundwork for a potential control restructuring.
● Losses and Valuation Pressure: Research briefs indicate that Coinone is in a state of continuous losses, and the book value in secondary or over-the-counter valuations has already fallen below the initial acquisition cost of some shareholders. This "inversion" means that holders not only see no dividend returns but also experience a shrinkage in the nominal value of their assets. In an environment of tightening industry regulation and pressured trading volumes, the opportunity cost of holding shares continues to rise, naturally enhancing the major shareholder's willingness to lock in remaining value through share reduction or transfer.
● Partial Equity Transfer Pathways: Currently, public signals only point to "considering the sale of a portion of equity," rather than a one-time transfer of all holdings, leaving room for various game paths. The major shareholder can dilute his control by transferring a small percentage to introduce financial or strategic investors while retaining veto power; or he can sell in phases, introducing external oversight into Coinone's governance structure while retaining management control. Regardless of the method chosen, the loosening of more than half of the shares itself is enough to reshape the board composition and the company's strategic direction.
Local Alliance Shows Signs of Fatigue, Com2us Under Pressure
● Second Major Shareholder Position: Market rumors indicate that local gaming company Com2us holds 38.42% of Coinone shares, making it the second-largest shareholder after Cha Myung-hoon's system. Together, they account for over 90% of the equity concentration, keeping Coinone tightly bound to local capital for a long time. This shareholder background has previously provided brand endorsement and user traffic, but after the industry cycle reversal, it has also amplified the impact of declining valuations on the balance sheets of single major shareholders.
● Book Value Inversion Pressure: As Coinone's book value declines, shareholders like Com2us, who are more focused on financial returns, face a dual dilemma of "shrinking market value + difficulty exiting." The brief clearly states that Coinone's current book value has already fallen below the entry cost of some shareholders, meaning that if a need arises to impair the holdings in the capital market, it will directly drag down the parent company's financial performance, thereby reinforcing the impulse to "seek exit or restructuring windows" at the internal investment decision-making level.
● Weakening of Local Capital's Voice: If, while Cha Myung-hoon considers transferring part of his equity, local institutional shareholders also develop a willingness to reduce their holdings, then Coinone's equity is likely to shift from being primarily dominated by South Korean local capital to a more mixed structure, even with foreign capital in the majority. At that time, the bargaining power of local capital in the Korean exchange industry regarding rule-making, compliance connection, and interaction with regulatory authorities will be weakened, and the industry may transition from "local alliance dominance" to a new stage of "global capital co-governance."
Coinbase Approaches Seoul
● International Giants Testing the Waters: Research briefs indicate that Coinbase has expressed interest in the South Korean market and plans to meet with major local companies. For a U.S.-listed trading platform, such a statement typically signifies a prelude to medium- to long-term regional layout rather than a simple business visit. Although the meeting partners have not been disclosed, it is certain that compliance licenses, traffic entry points, and local partners will be core variables in assessing the path for Coinbase's entry into South Korea.
● Discrepancy Between Volume and Profitability: South Korea ranks fifth globally in cryptocurrency trading volume, yet there is a stark contrast with local leading exchanges continuously incurring losses and facing pressure on their book values. This structural mismatch of "strong market demand—weak platform profitability" exposes the pressures of fee structures, competitive landscapes, and compliance costs on one hand, while also providing foreign capital with a valuation bargain: traffic and trading activity genuinely exist, but the corresponding asset prices are depressed, aligning with the logic of international platforms "exchanging reasonable prices for high-quality entry."
● Equity Loosening Opens a Window: Against this backdrop, the major shareholder of Coinone considering the sale of part of their equity naturally makes it a potential "entry point" for overseas platforms into South Korea. By taking stakes or partnering with local consortiums, international exchanges can achieve "curved landing" by leveraging the existing platform's user base and compliance framework without directly applying for licenses from scratch. If Coinone introduces such shareholders, its brand positioning, methods of connecting to global liquidity pools, and the pace of adopting overseas regulatory standards will all change accordingly.
Regulatory Shadows and Price Volatility External Shocks
● Global Compliance Tightening Spillover: The brief indicates that the U.S. SEC and CFTC plan to discuss cryptocurrency regulatory coordination on January 27, 2026. Although no specific plans have been disclosed, such meetings have already sent signals of "tightening and unifying regulation" to the global market. For Korean exchanges situated within the global funding and regulatory chain, marginal changes in the U.S. regulatory framework often transmit through channels such as banking services, clearing pathways, and listing reviews, increasing their difficulty in balancing compliance investments and business innovation.
● Chain Reaction of Price Volatility: Recently, Bitcoin has experienced severe fluctuations around $86,000, significantly impacting the South Korean retail ecosystem, which heavily relies on high-frequency trading and leveraged products. Rapid price swings can amplify liquidation, margin calls, and forced liquidations in the short term, raising users' risk aversion; at the same time, although the exchange's fee income may increase with volatility, under the dual pressure of stringent regulatory expectations and a sharp drop in risk appetite, the overall income structure becomes more prone to "wild fluctuations," making it difficult for small and medium platforms to withstand such volatility, with unstable profitability becoming the norm.
● Survival Dilemma for Small and Medium Loss-Making Platforms: In the context of tightening regulatory environments and amplified price volatility, smaller, loss-making exchanges are most likely to be pushed to the margins of the industry. They struggle to bear the continuously increasing compliance, risk control, and technology investments, and lack sufficient user volume to dilute fixed costs, ultimately having to choose between closure, acquisition, or actively seeking to "align" with others. The loosening of Coinone's equity precisely reflects this structural pressure: by introducing stronger capital players or strategic partners, it seeks to secure survival chips in the new regulatory cycle.
Who Can Take Over Coinone
● Types of Potential Buyers and Their Motivations: From a motivational standpoint, local internet platforms and gaming companies value user entry and content ecosystem synergy, while local financial institutions are more concerned with the extension of payment, custody, and compliant financial products. Overseas exchanges focus on licenses and traffic jump-off points. However, each faces practical obstacles: internet and gaming companies need to balance the impact of regulatory risks on the valuation of their core businesses, financial institutions are limited by their cautious attitude towards high-volatility assets, and overseas platforms must contend with the political and regulatory sensitivities that may arise from foreign-controlled exchanges.
● Regulatory Attitudes Determine Pathways: The attitude of South Korean regulatory authorities towards foreign control of exchanges will directly influence the design of trading structures. If it tends towards caution, a "local consortium + overseas platform" joint investment model is more likely to emerge, where local capital maintains a visible dominant position in equity while international exchanges achieve substantial control through technology, branding, and liquidity output; if regulation is more open to foreign shareholding, it is not ruled out that overseas platforms may increase their shareholding ratio and gain greater voting power in the board, reshaping industry governance standards.
● Strategic Shift After Changes in Control: Once Coinone's control or core governance structure changes, its paths in product lines, listing strategies, and compliance risk control are likely to adjust. Introducing overseas strategic shareholders may bring more linkage with global mainstream assets and derivative tools, and stricter compliance screening and information disclosure mechanisms may enhance user asset security and transparency; conversely, if led by local internet or financial institutions, it may strengthen fiat currency inflows and outflows, scenario payments, and compliant wealth management products, while compressing high-risk, high-leverage products. For ordinary users, the most direct experience will be changes in the structure of tradable asset pools, fee systems, and risk control rules.
From a Single Equity Transaction to a New Order in Korean Crypto
The major shareholder of Coinone considering the sale of part of their equity is not an isolated capital operation but rather the result of the convergence of three forces: pressured profit models, retreating local capital, and accelerated globalization competition: continuous losses and book value inversion have shaken the consensus of existing major shareholders on "long-term lock-up"; international platforms seeking footholds in Asia have magnified any loosening of equity into a potential acquisition entry; and tightening regulation and market volatility have accelerated the process of industry concentration and cross-border integration.
In the future, the landscape of Korean exchanges is likely to evolve along two paths: one is internal integration and expansion led by local capital, forming a more concentrated and compliant large local group through mergers or equity restructuring; the other is opening up and cooperating with international platforms, allowing overseas exchanges to deeply embed through equity participation, technological cooperation, and brand alliances, gradually forming a "local + international" hybrid governance structure. For investors and industry participants, the next key points to track are: first, whether the regulatory landing rhythms in major jurisdictions like South Korea and the U.S. are synchronously tightening; second, the movements of potential strategic investors—whether local consortiums or overseas platforms—in public and private settings; third, the subsequent formal statements and action routes of Coinone's management and major shareholders. How equity changes hands is merely a surface phenomenon; at a deeper level, it reflects the direction of the reconstruction of a new order in the Korean crypto industry.
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