Mirae Asset Completes Korbit Acquisition, Plans 97% Stake

Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, completed its acquisition of South Korean crypto exchange Korbit after finishing required regulatory procedures, the exchange announced Thursday. Mirae Asset filed a revised regulatory filing Tuesday to purchase additional Korbit shares worth $5.32 million, increasing its ownership from 92.06% to 97.15%, with the additional deal planned for completion Friday. The Fair Trade Commission, South Korea's antitrust watchdog, approved the deal earlier this month, marking the first case of a traditional financial group's affiliate acquiring a crypto exchange in the country. Mirae Asset Consulting stated the acquisition aims to secure future growth momentum based on digital assets.

Mirae Asset Files for Additional Share Purchase

Mirae Asset Consulting became Korbit's largest shareholder after completing the regulatory procedures to acquire a controlling stake. The company filed a revised regulatory filing Tuesday to purchase additional shares worth $5.32 million, which will increase its ownership from 92.06% to 97.15%. Mirae Asset plans to complete the additional deal on Friday.

Korbit stated that the exchange's operating entity, user deposits, and personal data handling will remain unchanged following the acquisition.

Korbit Ranks Fourth Among South Korean Crypto Exchanges

According to CoinGecko data, Korbit ranks as South Korea's fourth-largest crypto exchange by trading volume, with roughly $4.3 million in the past 24 hours. Upbit, the dominant player in the local market, recorded about $224.2 million in the same period.

FAQ

What percentage of Korbit does Mirae Asset plan to own after the additional share purchase?

Mirae Asset Consulting plans to increase its ownership of Korbit from 92.06% to 97.15% through an additional share purchase worth $5.32 million, which is scheduled for completion Friday.

What regulatory approval did Mirae Asset receive for the Korbit acquisition?

The Fair Trade Commission, South Korea's antitrust watchdog, approved the deal earlier this month. The regulator called it the first case of a traditional financial group's affiliate acquiring a crypto exchange in South Korea.

What is Korbit's current market position among South Korean crypto exchanges?

According to CoinGecko data, Korbit ranks as South Korea's fourth-largest crypto exchange by trading volume, with roughly $4.3 million in the past 24 hours.