South Korean cryptocurrency exchange Coinone is moving forward with the sale of a portion of the shares held by its major shareholder and chairman of the board.

PANews reported on January 26 that, according to the Seoul Economic Daily, Coinone, South Korea's third-largest cryptocurrency exchange, is considering a sale of shares, including a portion of the stake held by its major shareholder and chairman, Cha Myung-hoon. It is understood that Cha holds a total of 53.44% of the shares through his personal company, The One Group, and directly. An exchange spokesperson stated that they are discussing various cooperation plans, including equity investment, with overseas exchanges and domestic financial institutions, but specific details have not yet been determined.

Industry observers point out that this equity change may also involve the 38.42% stake held by the second-largest shareholder, Com2uS. Due to the exchange's continued losses, its book value has fallen below Com2uS's initial acquisition cost. Cha's recent return to frontline operations four months after stepping down as representative director is interpreted by the industry as a possible preparation for a share sale.