Korean Trader Swarm Bets on BitMine, Net Buys Reach $259 Million Since Early July

BlockBeats News, August 12th, according to Bloomberg, BitMine has become the most popular overseas stock among South Korean retail investors, who are still attracted by this high-risk, high-reward opportunity in the crypto field. According to data from the Korea Securities Depository, since early July, South Korean retail investors have net purchased $259 million worth of BitMine stock, making it the most bought overseas security during this period.

This craze highlights the ongoing speculative fervor in the South Korean retail market. Approximately one-third of the South Korean population—about 18 million people—is active in the digital asset market, showing interest in everything from leveraged crypto ETFs to newly listed stablecoin issuer Circle.

BitMine aims to replicate Michael Saylor's strategic business model, but with a focus on Ethereum rather than Bitcoin. The company currently holds Ethereum worth $3.6 billion, ranking first globally. However, volatility remains a hallmark of such stocks. After announcing plans to massively accumulate Ethereum, BitMine's stock price skyrocketed over 3,000% to a peak in July, only to plunge 62% thereafter.