South Korea’s Mirae Asset Group Eyes $100M Crypto Power Move With Korbit Exchange Takeover

South Korea's financial establishment is making a nine-figure bet on crypto's future.

The Institutional Stamp

Mirae Asset Group, a traditional finance heavyweight, is reportedly exploring a $100 million acquisition of Korbit, one of the country's 'Big Four' crypto exchanges. This isn't a tentative toe-dip—it's a full-scale strategic dive. The move signals a major shift, as legacy institutions pivot from cautious observation to active participation, seeking a direct gateway into the digital asset ecosystem.

Regulatory Chessboard

The potential deal plays out against South Korea's strict but maturing regulatory framework. Acquiring a licensed, compliant exchange like Korbit offers a significant shortcut—bypassing the lengthy and uncertain process of securing a new license from the Financial Services Commission (FSC). It's a classic case of buying the chessboard instead of learning all the moves.

Market Consolidation Ahead

This exploration could trigger a wave of consolidation. If a titan like Mirae enters the arena, competitors will be forced to respond—through partnerships, mergers, or accelerated innovation. The local crypto landscape, known for its retail fervor, may soon be reshaped by institutional capital and strategic acquisitions.

For traditional finance, crypto is no longer just a risky sideshow—it's becoming a core part of the portfolio. The $100 million figure isn't just a price tag; it's a valuation of credibility and future market access. After years of dismissing digital assets as a fad, some suits are finally reading the whitepapers—usually just before writing the check.

Banking Links And Licenses Outweigh Market Share

Korbit helped pioneer Korea’s crypto scene, launching in 2013 and debuting what it billed as the first Bitcoin-to-won trading market. Today, it operates in a far more concentrated arena where Upbit dominates daily volumes.

CoinGecko data shows Upbit taking 64.2% of local trading in a recent 24-hour window, followed by Bithumb at 24.4% and Coinone at 10.8%, leaving Korbit at about 0.5%.

That small share still comes with a valuable prize, a regulated onshore venue with banking links, compliance controls, and a customer base that can be cross-sold into broader financial products, especially if institutions get a clearer path into spot crypto trading.

Institutional Interest Grows As Stakes Rise

Mirae’s interest comes as competition for regulated Korean exchange licenses intensifies. As of November, crypto exchange Bybit had also been in talks to acquire Korbit, according to South Korea’s Maeil Business Newspaper.

The talks land as South Korea’s tech and finance giants chase scale in digital assets. Naver Financial has agreed to acquire Dunamu, the operator of market-leading Upbit, in an all stock deal valued at about 15.13T won, Reuters reported in late November.

For Korbit, a buyer with Mirae’s brand and distribution could reset the exchange’s relevance at home, even as competition stays brutal and liquidity continues to pool around the biggest venues.

Neither Mirae nor Korbit has confirmed terms publicly, and the talks could still change or fall apart as due diligence progresses.