Mirae Asset, one of South Korea's largest financial conglomerates, has agreed to acquire a 92.06% controlling stake in cryptocurrency exchange Korbit for approximately 133.5 billion won ($93 million) in an all-cash transaction. The deal, disclosed on February 15, 2026, marks one of the most significant moves by a traditional Asian financial institution into licensed crypto exchange infrastructure. As of February 16, 2026, Korbit operates as the fourth-largest of only five regulated crypto exchanges in South Korea.
A $418 Billion Asset Manager Goes All-In on Crypto Infrastructure
Mirae Asset Group oversees roughly $418 billion in assets globally across securities, insurance, real estate, and venture capital. The acquisition of Korbit was executed through Mirae Asset Consulting, a non-financial affiliate focused primarily on real estate, rather than through the group's core securities division. That structural choice was deliberate: South Korea maintains strict regulatory separation between traditional finance and crypto operations, and routing the deal through a consulting entity allows Mirae to enter licensed digital-asset services without triggering additional securities regulatory hurdles.
The board approved the transaction on February 5, and the deal is expected to close within seven business days once regulatory and contractual conditions are satisfied. The purchase covers 26.9 million Korbit shares acquired from two primary sellers: NXC (the holding company behind gaming giant Nexon) and its subsidiary Simple Capital Futures, which held a combined 60.5% stake, and SK Square, which controlled 31.5%.
Notably, Bitstamp, the cryptocurrency exchange now owned by Robinhood, retained its approximately 8% minority stake in Korbit. That decision to hold rather than sell alongside the other shareholders suggests Bitstamp sees value in remaining connected to Korea's regulated exchange landscape.
Why Korbit, and Why Now
Korbit was founded as South Korea's first cryptocurrency exchange, giving it historical significance in a market that has become one of the world's most active crypto trading hubs. South Korea's five licensed exchanges collectively handle billions in daily volume, with Upbit dominating at roughly $2.16 billion per day and Bithumb at $1.36 billion.
Korbit sits in fourth place with approximately $60 million in daily trading volume as of mid-February 2026, a fraction of the market leaders. But what Korbit lacks in volume it makes up for in regulatory positioning. The exchange holds a full operating license under South Korea's Virtual Asset User Protection Act, which imposes comprehensive AML and KYC requirements. Obtaining such a license from scratch is extremely difficult, making Korbit's existing compliance infrastructure a valuable asset that would take years to replicate.
The exchange also recently returned to profitability, reporting 8.7 billion won in revenue and 9.8 billion won in net profit in its most recent fiscal year, reversing prior losses. For Mirae Asset, buying a profitable, fully licensed exchange is a far more efficient path than building one organically.
Mirae's "3.0" Vision and the Global Digital Wallet Ambition
This acquisition fits squarely within Mirae Asset Group's publicly stated "Mirae Asset 3.0" strategic vision, announced last year. That roadmap explicitly targets digital assets as a core growth driver and includes an ambitious goal: building a global digital wallet that bridges traditional financial products with Web3 services.
The phrase "global digital wallet" is significant. It signals that Mirae is not merely buying an exchange for trading fee revenue. The group appears to be assembling the licensed infrastructure needed to offer integrated financial services, where crypto custody, trading, and potentially spending products sit alongside traditional investment and banking tools. For context, this is the same trajectory that companies like OKX and Crypto.com have pursued from the crypto-native side, building exchange platforms first and then layering on card products and payment infrastructure.
Mirae is approaching from the opposite direction: starting with $418 billion in traditional assets under management and buying its way into the crypto stack. The Korbit acquisition gives it a licensed exchange with existing user accounts, compliance systems, and trading infrastructure as the foundation.
Korean Exchange Consolidation Is Accelerating
Mirae's move does not exist in isolation. The South Korean crypto exchange market is undergoing a broader consolidation wave. Coinone, another of the country's five licensed exchanges, is simultaneously exploring a potential sale, with chairman Cha Myung-hoon seeking to divest his 53.4% controlling stake.
The pattern is clear: Korea's strict licensing regime created a small group of regulated exchanges, and now traditional financial institutions are buying them. The regulatory moat that makes it nearly impossible for new exchanges to enter the market simultaneously makes existing license holders acquisition targets.
This consolidation has implications beyond Korea. As traditional financial giants absorb crypto exchanges, the resulting entities operate under dual regulatory frameworks, traditional finance oversight and crypto-specific compliance. That combination could make Korean-based crypto services more attractive to institutional users and potentially unlock cross-border partnerships that a standalone exchange could not pursue.
What This Means for Crypto Users in Asia
For users of Korean crypto exchanges, the immediate impact is likely minimal. Korbit's existing services, trading pairs, and compliance requirements should remain unchanged during the ownership transition. But the medium-term implications are more interesting.
If Mirae Asset follows through on its digital wallet ambitions, Korbit users could eventually access a platform that integrates crypto trading with traditional investment products, insurance, and potentially spending tools. In markets where self-custody solutions are gaining traction alongside exchange-based offerings, having a traditional finance giant backing the infrastructure could boost user confidence, particularly among retail investors who remain wary of crypto-native platforms after high-profile collapses.
The acquisition also puts pressure on other Asian financial institutions to make similar moves or risk being left behind as the regulated crypto infrastructure layer gets absorbed by first movers. Japan's SBI Group has been active in this space for years, and Singapore's DBS Bank operates its own digital exchange. Mirae Asset's entry adds South Korea's largest financial group to that competitive landscape.
FAQ
How much did Mirae Asset pay for Korbit? Mirae Asset Consulting paid approximately 133.5 billion Korean won ($93 million) in cash for a 92.06% controlling stake in Korbit.
Who sold their Korbit shares? NXC (the Nexon holding company) and subsidiary Simple Capital Futures sold their combined 60.5% stake, while SK Square sold its 31.5% stake. Bitstamp retained its approximately 8% minority position.
Is Korbit the largest crypto exchange in South Korea? No. Korbit is the fourth-largest of five licensed exchanges. Upbit leads with roughly $2.16 billion in daily volume, followed by Bithumb at $1.36 billion. Korbit handles approximately $60 million daily.
What is Mirae Asset's "3.0" vision? Mirae Asset 3.0 is the group's strategic roadmap that targets digital assets as a core growth driver, including plans to build a global digital wallet combining traditional finance and Web3 services.
When will the acquisition close? The deal is expected to close within seven business days after regulatory and contractual conditions are met, following board approval on February 5, 2026.
Overview
Mirae Asset's $93 million cash acquisition of 92% of Korbit represents a significant TradFi-to-crypto crossover in Asia's most tightly regulated exchange market. The deal gives South Korea's largest financial group licensed crypto exchange infrastructure as a foundation for its "global digital wallet" ambition, while signaling a broader consolidation trend as traditional institutions absorb the limited number of fully licensed Korean exchanges. With Coinone also exploring a sale, the structure of South Korea's crypto market is shifting from crypto-native operators to hybrid TradFi-crypto entities. For the broader industry, this pattern of acquisition-driven institutional entry, rather than organic platform building, may define how traditional finance integrates with crypto infrastructure across Asia over the next several years.
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