On August 12th, BitMine has become the most popular overseas stock among South Korean retail investors, who are still attracted by this high-risk and high-reward opportunity in the crypto sector. According to the Korea Securities Depository, since the beginning of July, South Korean retail investors have bought a net $259 million of BitMine shares, making it the most purchased overseas securities during the period.
The frenzy underscores the continued speculative fervor in South Korea's retail market, where about a third of the country's population - about 18 million people - are active in the digital asset market, attracting interest in everything from leveraged crypto ETFs to newly listed stablecoin issuer Circle.
BitMine wants to replicate the business model of Michael Saylor's strategy, but with a focus on Ethereum rather than Bitcoin. The company currently holds $3.60 billion in Ethereum market capitalization, the largest in the world. Volatility remains a hallmark of such stocks, though. After BitMine announced plans to stockpile Ethereum, the company's share price soared more than 3,000% to a high in July, but then plunged 62%.
South Korean traders flock to bet on BitMine, buying $259 million net since early July
2025-08-12 00:51:39
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