Coinone, South Korea's third-largest cryptocurrency exchange, is reportedly looking to sell a portion of the 53.4% stake held by its chairman, Cha Myung-hoon. Local media indicates that the exchange is in discussions with foreign crypto exchanges and local financial institutions about potential equity investments. Cha's stake includes his personal holding of 19.14% and a 3.43% share through his company, The One Group. While Coinone has not confirmed any specific deals, a company representative mentioned that talks are ongoing. Cha, who recently returned to active management after stepping down as CEO for four months, may be preparing for this stake sale. The report suggests that the second-largest shareholder, local gaming firm Com2Us, which owns 38.42% of Coinone, might also be involved in any potential deal. Meanwhile, Coinone faces financial challenges, having posted losses that brought its book value down to about 75.2 billion won ($52.2 million), significantly lower than its previous valuation of 94.4 billion won. Coinbase might join the investor group, with its executives scheduled to visit South Korea this week to meet with Coinone and other local firms. The backdrop of these developments includes recent ownership changes in other South Korean exchanges, such as Dunamu becoming a subsidiary of Naver and Binance acquiring Gopax.