Korean traders flock to bet on BitMine, with net purchases reaching $259 million since early July

According to ChainCatcher, citing Bloomberg, BitMine has become the most popular overseas stock among South Korean retail investors, who remain drawn to the high-risk, high-reward opportunities in the crypto sector. Data from the Korea Securities Depository shows that since early July, South Korean retail investors have made net purchases of BitMine shares totaling $259 million, making it the most heavily bought overseas security during this period.

This surge highlights the ongoing speculative enthusiasm in South Korea’s retail market. Roughly one-third of the country’s population—about 18 million people—are active in the digital asset market, with everything from leveraged crypto ETFs to newly listed stablecoin issuer Circle capturing their interest.

BitMine aims to replicate Michael Saylor’s business model, but with a focus on Ethereum rather than Bitcoin. The company currently holds $3.6 billion worth of Ethereum, ranking first globally. However, volatility remains a hallmark of such stocks. After announcing plans to amass large amounts of Ethereum, BitMine’s share price soared over 3,000% to a peak in July, only to subsequently plunge by 62%.