Mirae Asset Injects $36 Million into Korbit Exchange After Acquisition
Mirae Asset Group plans to bolster the capital of Korbit, a South Korean cryptocurrency exchange it acquired earlier this year. The company will issue new shares worth approximately $36 million through a third-party allotment share sale. Mirae Asset Consulting, the largest shareholder, will acquire all of the new common shares issued in the offering.
The funds raised from the share sale will be used to improve Korbit's financial structure and secure emergency funding for management needs. This is the first large-scale recapitalization since Mirae Asset Group acquired Korbit in a deal worth approximately $93.9 million.
Mirae Asset Consulting currently holds a 97.15% stake in DigitalX, which operates Korbit. The company plans to expand its digital asset platform into a hub linking traditional financial assets and digital assets, making it a key pillar of the group's 'Mirae Asset 3.0' strategy.
The post-acquisition reorganization has begun, with Korbit Co., the exchange's operating entity, changing its corporate name to DigitalX Co. on August 11. The company intends to keep the Korbit brand for now but plans to change it later.