Coinone completed an equity transaction with Korea Investment & Securities and OKX, with the two investors each contributing 80 billion won for a combined total of 160 billion won. Over two-thirds of the investment — approximately 110 billion won — went toward purchasing old shares from existing stakeholders, while only around 50 billion won entered Coinone directly through new share issuance. The transaction restructured Coinone's ownership, with CEO Cha Myung-hoon and The One Group retaining 30.3%, Com2uS Holdings and Com2uS Plus holding 24.5%, and Korea Investment & Securities and OKX each acquiring 20%. Coinone has recorded four consecutive years of operating losses, with annual operating costs of approximately 51.8 billion won against revenues of around 45 billion won.
Korea Investment & Securities and OKX Allocate 110 Billion Won to Old Share Purchases
According to the virtual asset industry on the 22nd, the funds directly flowing into Coinone through the equity investment process totaled approximately 50 billion won. Korea Investment & Securities and OKX acquired both old and new shares of Coinone, investing a combined 160 billion won. More than two-thirds of this amount was spent on old share purchases. CEO Cha Myung-hoon and his personal company The One Group sold approximately 70 billion won worth of shares, while Com2uS Holdings and Com2uS Plus sold around 40 billion won in shares, bringing total old share transactions to approximately 110 billion won.
The funds directly entering Coinone through new share issuance are estimated at around 50 billion won. Coinone's existing share count increased from 688,938 shares to 798,054 shares after the new issuance, an increase of approximately 100,000 shares. The new share price was approximately 500,000 won per share, matching the price of old shares.
Coinone Post-Transaction Ownership Structure Confirmed
Following the transaction, CEO Cha's stake including The One Group stands at 30.3%, Com2uS Holdings and Com2uS Plus hold 24.5%, and Korea Investment & Securities and OKX each hold 20%. The deal is evaluated as successful within the industry for reforming a concentrated ownership structure, establishing a solid partnership with securities firms, and securing funds for company operations and business investment.
Coinone's Operating Deficit History and Cost Structure
The investment amount Coinone received is roughly equivalent to one year's operating expenses. Coinone spent 51.8 billion won last year and 50.2 billion won the previous year, with revenues of approximately 45 billion won, resulting in annual operating losses. The company has posted consecutive deficits over the past four years, and first-half performance this year has also been weak.
An industry source stated, "While an equity transaction exceeding 100 billion won took place, a significant portion went to major shareholders, and the actual investment Coinone secured is not large. While the company has gained financial capacity, given the poor management conditions of exchanges and accumulated deficits, it will be difficult for Coinone to spend the investment aggressively."
FAQ
Why did only 50 billion won of the 160 billion won investment flow directly to Coinone?
Korea Investment & Securities and OKX each invested 80 billion won, totaling 160 billion won, but over two-thirds — approximately 110 billion won — was used to purchase old shares from existing shareholders including CEO Cha Myung-hoon, The One Group, Com2uS Holdings, and Com2uS Plus. Only the remaining approximately 50 billion won came from new share issuance, which is the portion that entered Coinone's accounts directly.
How does Coinone's financial situation affect its ability to expand operations?
Coinone has recorded four consecutive years of operating losses, with annual operating costs of approximately 51.8 billion won against revenues of around 45 billion won. The approximately 50 billion won in new investment is roughly equivalent to one year of operating expenses, and given the accumulated deficits and weak first-half performance this year, industry observers expect the funds will likely be prioritized for personnel costs and operational expenses rather than aggressive business expansion.
