Record-High Q1 Performance, What’s the Background?

Mirae Asset Securities recorded a pre-tax profit of KRW 1.3576 trillion and a net profit of KRW 1.0019 trillion on a consolidated basis in Q1 2026, breaking its all-time quarterly record. These figures represent a 292% and 288% increase, respectively, compared to the same period last year. This strong performance was significantly influenced by the increase in brokerage revenue in the domestic stock market, along with the simultaneous growth of overseas subsidiaries and global investment businesses. In particular, the expansion of overseas stock investments by domestic investors and the increased demand for global ETF and bond investments are analyzed as key factors driving Mirae Asset’s performance. Brokerage commission revenue increased by 38% year-on-year to KRW 459.4 billion, and WM commission revenue also increased by 17% to KRW 112.5 billion. Pre-tax profit from overseas subsidiaries also reached a record high of KRW 243.2 billion.

SpaceX Investment Becomes a ‘Stroke of Genius’

When discussing Mirae Asset’s Q1 performance, the investment in SpaceX cannot be overlooked. Mirae Asset Group has made an equity investment of approximately KRW 800 billion in SpaceX through funds since 2022, and the current value of its holdings is estimated to be around KRW 3.3 trillion. According to a researcher at Kiwoom Securities, if SpaceX goes public with a corporate value of USD 1.75 trillion, an additional valuation profit of KRW 1.3 trillion could be generated for Mirae Asset Securities. In fact, approximately KRW 804 billion in valuation gains related to unlisted innovative companies are reportedly reflected in the Q1 performance. However, regarding SpaceX’s plan for a public offering to domestic individual investors, a verbal warning was issued against ‘excessive promotion,’ and the specific sales method has not yet been determined. This is because there is no precedent under domestic law for publicly offering overseas IPO shares to domestic individual investors.

Strengthening Global Competitiveness and Mirae Asset 3.0

Mirae Asset is not just a strong player in the domestic market but is also making its presence felt in the global market. Recently, Mirae Asset Securities surpassed Japan’s Nomura Securities in terms of market capitalization, enhancing the status of Korean securities firms. Furthermore, the news that Mirae Asset Group’s market capitalization has exceeded Shinhan Financial Group is an example of the changing landscape in the financial sector amid the strength of securities stocks. Based on these achievements, Mirae Asset Securities is focusing its capabilities on making 2026 the first year of ‘Mirae Asset 3.0.’ Mirae Asset 3.0 is a mid-to-long-term vision to secure sustainable growth engines by leading the transition to a new financial order, including digital assets, beyond traditional finance. To this end, it is striving to improve profitability across all business divisions, including WM, global, IB, and trading, and to increase customer assets.

Individual Investor National Bonds and Market Changes

Meanwhile, Mirae Asset Securities conducted subscriptions for individual investor national bonds in May 2026, and this product has recorded oversubscriptions for four consecutive months since its issuance. Individual investor national bonds are savings-type national bond products issued by the government to individual investors, offering high stability along with the benefit of separate taxation on interest income for purchases up to a total of KRW 200 million. The high interest in such products appears to be a complex result of market demand for stable assets and improved investment attractiveness through institutional improvements by the Ministry of Economy and Finance. The ‘debt-fueled investment’ craze in the domestic stock market is also hot, with the Q1 interest income from credit loans of the top 10 large securities firms totaling KRW 600 billion, and Mirae Asset is included in this.

Ultimately, Mirae Asset’s Q1 2026 performance is not simply due to luck but is the result of pioneering global markets with a long-term perspective and boldly engaging in innovative investments. We look forward to seeing what new financial horizons Mirae Asset will open under the ‘Mirae Asset 3.0’ vision. It will be noteworthy to see if it leads market changes and provides better opportunities for investors.

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U.S. Securities and Exchange Commission, Why Was It Created?

In fact, once you understand the background of the U.S. Securities and Exchange Commission (SEC)’s birth, you’ll naturally realize its importance. Back in 1929, the U.S. stock market crashed, the Great Depression hit, and investor confidence plummeted, right? It was then that President Roosevelt, determined to prevent such an event from happening again, established the SEC in 1934 as an independent federal regulatory agency.
Their core mission is threefold: First, to protect investors. Second, to ensure that the securities market operates fairly and orderly. Third, to facilitate capital formation. Joseph P. Kennedy, the first chairman, reportedly laid the groundwork for the SEC by relentlessly cracking down on unfair trading and insider trading, drawing from his own experience(?) of committing all sorts of illegal acts in the securities industry. Ironic, isn’t it? Perhaps that’s why the agency’s strictness and fairness continue to this day.

Virtual Asset Regulation: No Longer a Security?

One of the hottest topics in today’s investment market is virtual assets, or the crypto market, right? For the past 10 years, there has been an ongoing debate between the U.S. Securities and Exchange Commission and the industry over whether crypto is a ‘security’ or not. But in March 2026, the SEC finally issued an official statement: major virtual assets like Bitcoin and Ethereum are ‘digital commodities,’ not ‘securities.’
Frankly, I believe this announcement significantly reduced market uncertainty. Furthermore, the SEC even signed a Memorandum of Understanding (MOU) with the Commodity Futures Trading Commission (CFTC) to coordinate regulatory roles. Now, the big picture of the U.S. virtual asset oversight system is beginning to take shape. This means that those who have been troubled by regulations while investing in crypto can breathe a sigh of relief. Of course, it’s still too early to be entirely optimistic as congressional legislative processes remain, but it’s clearly an important first step.

Tokenized Assets and the Ambition of ‘Project Crypto’

Just as noteworthy as virtual asset regulation is the SEC’s movement regarding tokenized assets. Recently, the U.S. Congress and regulatory authorities have been accelerating discussions on the introduction of tokenized assets. The SEC is preparing to introduce an ‘investment innovation exemption’ for tokenized assets, which is highly likely to function as a type of regulatory sandbox. Simply put, it’s a temporary suspension of regulations to help new technologies establish themselves in the market.
In particular, the SEC, led by Chairman Paul Atkins, is pursuing an ambitious plan called ‘Project Crypto.’ This is a vision to move the traditional securities market onto the blockchain to create a market with instant settlements, which could completely overturn the financial market landscape if realized. However, there are also voices from Wall Street urging caution, arguing that such broad regulatory exemptions could weaken investor protection and cause market confusion. It seems the tug-of-war between innovation and stability will continue.

SpaceX IPO: The Largest in History is Coming?

The SEC’s role is not limited to the crypto market. Their presence in the traditional securities market remains strong. Just in April 2026, news broke that Elon Musk’s SpaceX confidentially submitted a draft registration for an Initial Public Offering (IPO) to the SEC. They are aiming for a June listing, and if successful, it would be the largest IPO in history – absolutely wild, right?
Such a massive IPO is only possible after thorough review by the SEC. Their crucial role is to meticulously examine the extensive documents submitted by companies and ensure that sufficient information is provided to investors. While this process is complex and time-consuming, I believe it is an essential procedure for protecting investors and maintaining market transparency. If such a process didn’t exist, the stock market would probably be a much more chaotic place.
It truly seems like the U.S. Securities and Exchange Commission is working non-stop. From virtual asset regulation to tokenization and mega-IPOs, every decision they make has an enormous ripple effect on the global financial market. I think it’s the attitude of a wise investor to continue paying attention to the SEC’s actions in the future. Well then, I’ll be back with another interesting story next time!

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