Mirae Asset Agrees $93M Deal to Acquire Korbit

Mirae Asset Consulting, an affiliate of South Korea’s financial services group Mirae Asset Group, has agreed to acquire a controlling stake in local cryptocurrency exchange Korbit. According to a regulatory filing released Friday, the company plans to purchase 26.9 million shares for 133.48 billion won, or roughly $93 million. The all cash deal would give Mirae Asset Consulting a 92.06% ownership interest in the exchange.

The filing states that the acquisition is intended to secure future growth drivers through digital asset businesses. Mirae Asset’s board approved the decision on Feb. 5, although reports about a potential transaction first emerged last year. The deal has not yet closed. Settlement will take place once contractual conditions are satisfied, with completion expected within seven business days after those requirements are met.

Korbit recently returned to profitability after several years of losses. In its latest fiscal year, the exchange reported 8.7 billion won in revenue and 9.8 billion won in net profit. NXC with its subsidiary Simple Capital Futures has ownership rights to 60.5 percent of the current platform which serves as their primary business asset while SK Square controls approximately 31.5 percent of the platform. 

The exchange holds a complete South Korean operating license which allows it to deliver authorized digital asset services through its current compliance mechanisms which attract major financial institutions seeking to invest in digital assets within a regulated space. Korbit operates as a smaller exchange than major domestic platforms because it exists within regulatory frameworks. 

CoinGecko data shows that Korbit generated approximately $59.9 million from its Korean platform activities which recorded a total of $3.64 billion in 24 hour trading volume. Upbit led with approximately $2.16 billion, followed by Bithumb at around $1.36 billion, while smaller venues recorded significantly lower volumes.