Summary
Mirae Asset’s digital-asset strategy is not a bet on coin prices, but an expansion of its fee-based business: moving 1.5 quadrillion won in client assets into a 150 trillion won digital-asset management market. The figure presented by Park Hyeon-joo, chairman of Mirae Asset Group, signals that securities firms’ next growth engine is shifting from brokerage to asset custody, product structuring, and platform revenue.
Jung Han-gyeol’s view: What matters for Mirae Asset Securities’ share price is not the 150 trillion won target itself, but whether Digital X turns profitable next year and proves this business can move from a cost center to an earnings line.
What Happened
According to Maeil Business Newspaper’s securities report, Park Hyeon-joo, chairman of Mirae Asset Group, said the group’s first goal is to grow its digital-asset segment to 150 trillion won, based on 1.5 quadrillion won in group client assets. Park also said Digital X could achieve profitability as early as next year.
Digital assets do not refer only to virtual assets such as Bitcoin. They include a broad range of financial assets traded, held, and settled on blockchain infrastructure, such as tokenized securities, stablecoin-based payments, institutional custody, and digital fund distribution.
The core issue is the client base. If Mirae Asset converts part of its existing 1.5 quadrillion won in client assets into digital-format products, it can expand revenue sources inside existing clients’ wallets, unlike platform competition that requires expensive new customer acquisition. In the securities business, the strongest model is not trading, but a structure that generates recurring fees from balances.
Structural Background
Domestic securities firms have a weakness: their earnings fluctuate with retail trading value. When interest rates are high, bond sales provide support; when the equity market is hot, brokerage comes back to life. But both are cyclical businesses. A digital-asset management business points toward reducing the volatility of traditional securities operations because it can add client balances, custody fees, product sales fees, and institutional-solutions revenue.
Still, the narrative must be proven with numbers. The 150 trillion won figure represents 10% of the group’s 1.5 quadrillion won in client assets. For that ratio to become reality, regulatory permission, institutional-client demand, retail-client risk appetite, and trust in custody infrastructure all need to line up. Digital X’s profitability is only the first gate; it does not guarantee the full 150 trillion won conversion.
Stock and Industry-Sector Impact
- Mirae Asset Securities: If Digital X turns profitable next year, new-business costs may move past the phase of weighing on profit and loss, creating room for investors to interpret the business as platform value. The firm’s 1.5 quadrillion won in client assets is the most direct conversion source versus competitors.
- Samsung Securities: Securities firms with a strong high-net-worth client base can defensively follow when demand emerges for tokenized securities and digital private products. However, if a leading operator sets the standard, latecomers may find it difficult to avoid price competition.
- Kiwoom Securities: Its retail trading base overlaps with customers who are friendly toward digital assets. The problem is that if the business ends at simple trading brokerage fees, differentiation from highly volatile crypto-exchange models weakens.
- NH Investment & Securities: Its institutional network and wealth-management channels are favorable for digital-asset productization. As regulation opens up, competition for customer touchpoints among banks, securities firms, and asset managers will intensify.
Bull vs. Bear Scenarios
The bull scenario is clear. If Digital X turns profitable next year and Mirae Asset actually moves part of its 1.5 quadrillion won in client assets into digital-product balances, the market may view this not as a one-off theme but as a recurring fee business. In that case, Mirae Asset Securities could be partly re-rated from a brokerage-sensitive stock into a wealth-management platform stock.
The bear scenario comes from the same point. If regulation is delayed or customers consume digital assets only as risk-asset trading products, the 150 trillion won target remains a marketing number rather than assets under management. If infrastructure investment and security and compliance costs come first, the profitability turnaround may be pushed back, and securities-sector valuations would revert to trading value and interest-rate cycles.
Investor Action Points
- Investors should check whether Digital X actually achieves profitability next year. More important than the size of the profit is whether the revenue source is trading fees or custody and management fees.
- In Mirae Asset Securities’ earnings releases, investors should watch whether digital-asset-related costs and revenue are disclosed separately. If the numbers are not separated, it will be difficult to verify progress toward the 150 trillion won target.
- The policy timetable for domestic tokenized securities and virtual assets is a key variable. If implementation is delayed, the pace of client-asset conversion will also slow.
- Investors should monitor Bitcoin spot ETF fund flow together with domestic retail risk appetite. Demand for digital-asset products can build quickly during rising markets, but balances can also leave quickly during downturns.
Frequently Asked Questions
What is Mirae Asset’s 150 trillion won digital-asset target?
Mirae Asset’s 150 trillion won digital-asset target is Chairman Park Hyeon-joo’s first-stage goal to grow the digital-asset segment to 150 trillion won, based on the group’s 1.5 quadrillion won in client assets. It can be read as a strategy to expand client-balance-based revenue rather than relying on traditional securities trading commissions.
Why is Digital X’s profitability important?
Digital X’s profitability would be the first evidence that Mirae Asset’s digital-asset business is moving from the investment phase to the monetization phase. If profitability is confirmed next year, the market may value the 150 trillion won target as a new earnings source rather than a cost burden.
Is this an immediate positive catalyst for Mirae Asset Securities’ share price?
It has the characteristics of a medium- to long-term positive catalyst for Mirae Asset Securities, but it is not news that immediately locks in profit. Investors should verify Digital X’s profit and loss, the relevant regulatory timetable, and the actual scale of client assets converted into digital products, in that order.
Mirae Asset Securities Through Real-Time Data
Mirae Asset Securities recently posted a closing price of 36,300 won (+1.40% versus the previous day), and its signal light, which combines foreign investors and institutional investors supply-demand (order flow) with news and momentum, is 🟢 Buy Bias. Foreign investors, institutional investors, and momentum are positive, making it worth watching.
- ▲ Supply-Demand (Order Flow) Continuity — foreign investors net bought for 7 consecutive days (+6.9 billion won)
- ▲ Dual Buying — foreign investors +6.9 billion won and institutional investors +900 million won bought together
※ Price and foreign investors/institutional investors supply-demand (order flow) data are provided by Korea Investment & Securities (KIS) and are as of the publication time.
This article is auto-summarized and analyzed content based on the original news. View original article (Maeil Business Newspaper Securities)
