Mirae Asset Pursues Korean Exchange Korbit in $100 Million Acquisition Deal
Mirae Asset Group has entered negotiations to acquire Korbit, South Korea's fourth-largest cryptocurrency exchange, according to The Chosun Daily. The deal values the platform between 100 billion and 140 billion Korean won, equivalent to $70 million to $100 million.
Cointelegraph reports that Mirae Asset Consulting, a non-financial affiliate of the group, signed a memorandum of understanding with Korbit's major shareholders on December 28, 2025. NXC and its subsidiary Simple Capital Futures control approximately 60.5% of Korbit's ownership. SK Square holds an additional 31.5% stake in the exchange.
Korbit currently handles $5.75 million in daily trading volume, representing less than 1% of South Korea's total crypto market activity. The platform holds a full operating license and maintains regulatory compliance infrastructure under South Korean financial authorities.
Why This Matters
This acquisition represents a traditional financial institution's direct entry into regulated crypto infrastructure. Korbit's existing license and compliance framework allow Mirae Asset to bypass the lengthy approval process typically required for new crypto ventures. South Korea enforces strict regulations requiring exchanges to partner with local banks and implement comprehensive anti-money laundering procedures.
The timing aligns with broader market dynamics in South Korea. KED Global reports that the country's cryptocurrency market reached 108 trillion won ($77.5 billion) in 2024, doubling from 56.5 trillion won in June 2024. Daily trading volume climbed 22% to 7.3 trillion won during this period. Approximately 20% of South Korea's population now trades digital assets.
For Korbit's current shareholders, the transaction provides an exit at a premium valuation. The deal gives Mirae Asset immediate access to a platform that has operated since 2013 without security breaches. We documented previously that nations increasingly view Bitcoin as a practical tool for economic policy, and this acquisition reflects how traditional finance responds to that trend.
Industry Implications
Traditional financial institutions globally accelerated crypto acquisitions in 2025. IBTimes UK reports that crypto dealmaking reached $8.6 billion this year, nearly four times the $2.17 billion recorded in 2024. Investment banks, insurers, and asset managers now actively purchase crypto firms to gain regulatory compliance credentials.
The surge in acquisitions stems from regulatory clarity rather than speculative interest. Traditional finance players recognize that licensing, not market timing, represents the primary barrier to crypto entry. Charles Kerrigan, partner at law firm CMS, called 2025 "the busiest year for us in crypto deals by a mile."
South Korea's market presents specific advantages for institutional buyers. The country ranks second globally in crypto trading volume by fiat currency, trailing only the United States. Korean won accounts for a substantial portion of worldwide digital asset transactions. Naver Financial separately plans to acquire Dunamu, operator of market leader Upbit, in a $10.3 billion stock-swap deal scheduled for mid-2026.
This consolidation pattern mirrors earlier phases in traditional finance, where market leaders absorbed smaller competitors to secure market position. The shift from speculative expansion to strategic infrastructure acquisition suggests the crypto industry is entering a maturation phase. Regulatory-ready platforms command premium valuations as established financial groups race to secure compliant market access before competition intensifies further.
