DigitalX approved a $35.3M capital increase, with all new shares going to controlling shareholder Mirae Asset Consulting. The funds come weeks after Mirae completed its $91.5M acquisition of the Korbit exchange.
DigitalX, the operator of the South Korean crypto exchange Korbit and a recently acquired subsidiary of the Mirae Asset group, approved a capital increase of roughly 50 billion South Korean won, or $35.3 million.
The company's board authorized the issuance of more than 10 million new ordinary shares at 4,961 won ($3.50) each, according to a report from South Korean news agency News1. Mirae Asset Consulting, the controlling shareholder, will subscribe to the entire issuance. Payment is scheduled for Aug. 27.
DigitalX said the funds will go toward improving its financial structure and meeting urgent management needs.
The raise comes a month after Mirae Asset Consulting completed its acquisition of Korbit, taking a 97.15% stake for about 130 billion won ($91.5 million). South Korea's Fair Trade Commission approved that deal in July.
This week the firm also changed its corporate name from Korbit Co. to DigitalX Co., though the exchange itself will retain the Korbit brand for now. The Mirae Asset group has said it plans to build DigitalX into a platform that integrates digital and traditional financial assets, positioning it as a core piece of its "Mirae Asset 3.0" strategy.
Korbit is one of five exchanges holding a full license in South Korea, meaning it can offer fiat-to-crypto conversion services. Upbit and Bithumb dominate local trading volumes.
Mirae Asset's push into the sector mirrors a broader pattern among South Korean financial firms. Hana Bank bought a 6.55% stake in Dunamu, which operates Upbit. Three Samsung units, including Samsung Securities, jointly took a 4% stake in the same company. Korea Investment & Securities picked up roughly 20% of Coinone alongside OKX Ventures.
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