South Korea’s biggest securities firm snaps up crypto exchange as stock market soars

Group 1: Acquisition Details - Mirae Asset has agreed to a $92 million deal to acquire 92% of Korbit, South Korea's oldest crypto exchange, pending regulatory approval [1] - The acquisition aims to secure future growth engines powered by digital assets, as stated by Mirae Asset [1] - The deal involves taking over Nexon's 61% controlling share and SK Planet's 31.5% share in Korbit [5] Group 2: Market Impact - Mirae Asset's share price surged over 15% in the past five days and has increased by 226% over the last six months [2] - The acquisition could lead to a significant shift in the South Korean crypto exchange market, especially with other major players seeking approvals for mergers [2][3] - Korbit's market share has decreased to around 1%, significantly lower than Upbit's 60-70% share [5] Group 3: Future Prospects - The acquisition marks the first instance of an institutional financial company owning a crypto exchange, potentially leading to the development of derivatives like securities tokens and crypto custody offerings [4] - Mirae Asset plans to reinvest its net profits of $1.1 billion from last year, which saw a 72% year-on-year increase, into digital asset business growth [6] - The overall stock market performance has been strong, with the Korea Composite Stock Price Index reaching an all-time high earlier this year [6]