Mirae Asset Completes Korbit Takeover, Moves to Raise Stake to 97.15%
Summary
- Mirae Asset Consulting said it completed regulatory procedures and was officially registered as Korbit’s largest shareholder.
- Mirae Asset plans to spend about $7.9 million to raise its Korbit stake from 92.06% to 97.15%.
- The Korea Fair Trade Commission said the deal marks the first acquisition of a cryptocurrency exchange by an affiliate of a traditional financial group in South Korea.
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Mirae Asset has completed its acquisition of cryptocurrency exchange Korbit and has started procedures to increase its stake further.
Korbit said on July 23 that Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, completed the required regulatory procedures and was officially registered as the exchange’s largest shareholder. In a disclosure the same day, Korbit said its operating entity, user deposits and personal data policy will remain unchanged.
Mirae Asset is also pursuing an additional stake increase. Earlier this week, it filed an amended disclosure for the purchase of more Korbit shares worth about $7.9 million. That would lift its ownership from 92.06% to 97.15%. Yonhap News reported the additional purchase is set to be completed within this week.
The transaction marks the first acquisition of a cryptocurrency exchange by an affiliate of a traditional South Korean financial group. The Korea Fair Trade Commission made that characterization when it approved the deal earlier this month. Mirae Asset Consulting said the acquisition is aimed at securing future growth drivers based on digital assets.
CoinGecko data show Korbit ranks fourth among South Korean cryptocurrency exchanges by trading volume. Its 24-hour trading volume was about $4.3 million, compared with about $224.2 million for market leader Upbit over the same period.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.