Mirae Asset to Raise Planned Korbit Stake to 97.15%, Add $5.7 Million

Mirae Asset Group will increase the stake it plans to acquire in cryptocurrency exchange Korbit as it moves ahead with the takeover.

Mirae Asset Consulting, a group affiliate, said in a revised filing on July 21 that it plans to acquire 97.15% of Korbit, according to iNews24.

That compares with a previously planned 92.06%, an increase of 5.09 percentage points. The purchase price rose by 7.9 billion won ($5.7 million) to 141.4 billion won ($102.2 million) from 133.5 billion won. The revised amount equals 5.96% of Mirae Asset Consulting's standalone equity of 2.3723 trillion won ($1.72 billion) at the end of last year.

Mirae Asset Consulting plans to acquire 91.7% of Korbit on July 22 and the remaining 5.42% on July 24.

The Fair Trade Commission approved Mirae Asset Consulting's acquisition of Korbit shares on July 9. The antitrust regulator said Korbit's market share is about 0.5%, limiting the risk of reduced competition.

The transaction marks the first acquisition of a domestic cryptocurrency exchange by an affiliate of a financial group. The Fair Trade Commission said the deal should help reshape the digital finance market, spur service innovation and boost competition in digital assets.

Mirae Asset Consulting is a non-financial affiliate of Mirae Asset Group. Its main businesses include real estate asset management, and it also holds stakes in Mirae Asset Global Investments and Mirae Asset Capital.