Key Insights:
- The Coinbase-Coinone investment discussions follow Coinone’s review of its Coinbase stake.
- Coinone considers the sale of part of its stake as pressure on valuation, and the redefinition of operating losses changes its ownership.
- The data of institutions indicates that they remained exposed to crypto even as the market declined and the sentiment weakened.
Coinbase Coinone investment discussions have emerged as Coinbase evaluates a potential equity position in South Korea’s Coinone, the country’s third-largest cryptocurrency exchange, according to local media and industry sources.
Coinone Evaluates Stake Sale and Ownership Restructuring Options
Reports indicate that Coinone is reviewing strategic options, including the partial sale of its controlling shareholder’s stake, amid sustained financial pressure and a bid for long-term operational stability.
Local media on Sunday reported that Coinone has effectively entered the market and is assessing scenarios related to Chairman Cha Myung-hoon’s ownership structure.
Cha controls 53.44% of the company through his personal holdings and his investment vehicle, The One Group. Moreover, the discussions are understood to involve potential transactions affecting this controlling stake rather than a full sale of the exchange.
Speculation around a transaction intensified after Cha returned to frontline management just four months after stepping down as chief executive.
Coinone, however, stated that Cha resumed an active role to strengthen the firm’s technological capabilities, particularly as it approaches a double-digit market share in the domestic crypto market and expands into areas such as artificial intelligence development.
Coinbase Coinone investment discussions and the South Korea market context
Industry sources say Coinbase plans to visit South Korea this week, where it is expected to meet with major local market participants, including Coinone.
The meetings are described as part of Coinbase’s efforts to identify local partners to develop products aligned with South Korean regulatory frameworks.
The interest has also been on Com2uS, the South Korean game developer that has taken a 38.42% stake in Coinone between 2021 and 2022.
Source: Wu Blockchain
The operating losses Coinone has experienced have impacted its financial position, and the financial paper Seoul Economic Daily reported that the exchange’s book value stood at 75.2 billion won, or roughly $52 million, as of the third quarter.
Additionally, this is lower than the reported acquisition cost by Com2uS, indicating the financial strain on the exchange’s ownership structure. The announced valuation difference has sparked market speculation about the possibility of restructuring or external investment.
The market participants see the developments as part of a larger Coinone initiative to stabilize its balance sheet and adapt to changes in market conditions and regulatory requirements in the South Korean digital asset market.
Institutional Data Signals Bitcoin Valuation Outlook
Building on this sentiment, Coinbase has also published new market information in its Charting Crypto Q1 2026 report, which provides a perspective on institutional and independent investor sentiment.
Source: Coinbase
The report is followed by surveys conducted between the beginning of December and the beginning of January, which comprised 75 institutional investors and 73 independent investors.
According to the findings, approximately 70% of institutional investors believe Bitcoin is undervalued at prices between $85,000 and $95,000. Specifically, 71% of institutions and 60% of independent investors view Bitcoin as undervalued within that range.
Another 25% of institutional respondents indicated that Bitcoin was fairly valued, while 4% indicated it was overvalued at the time of the survey.
Overall, crypto markets have moved to the downside since the October market crash, which wiped out over $19 billion in leveraged positions.
According to Coinbase’s report, market sentiment has been poor amid external pressures, including revived tariff threats from the Trump administration and increased geopolitical tensions between the United States and the Middle East.
Macro Trends and Institutional Positioning influence market performance
The Crypto markets have failed to regain their momentum, whereas other safe-haven assets have taken a downward trend. On Monday, Gold is at its highest level above $5,000, and Silver has doubled in value since October.
The Standard & Poor’s 500 index rose approximately 3% in the same year, a relatively low gain in U.S. equity markets.
However, institutional positioning data released by Coinbase shows ongoing long-term participation in digital assets despite price weakness.
According to the survey, 54% of institutional respondents perceive the current market cycle as either an accumulation or a bear market; this indicates they believe consolidation will last longer than an imminent recovery.
