In recent weeks, South Korean retail investors have been moving away from major U.S. tech companies like Tesla, Apple, and Alphabet, and instead putting large amounts of money into stocks related to Ethereum (ETH).
According to a local media outlet Hankyung, the biggest winner in this shift has been BitMine Immersion Technologies (BMNR), a U.S.-listed company backed by billionaire Peter Thiel. BitMine used to mine Bitcoin (BTC) but recently switched its focus entirely to Ethereum.
Why Korean Investors Choose BitMine?
As per data from Strategic ETH Reserve (SER), BitMine now holds around $5.32B of ETH and has become the largest treasury holder globally. The company has even hinted at issuing up to $20B in stock to buy more ETH.
Since early July, South Korean investors have bought around $259–269M worth of BitMine shares, making it the most popular foreign stock in Korea.
This rise in interest is due in part to the newly passed GENIUS Act, which is intended to give stablecoins a clearer legal position. Investors believe this will boost ETH market price, which has already jumped nearly 40% this month.
Analysts say South Koreans are preferring BitMine because it’s a high-risk, high-reward play, much like crypto, which is already very popular in the country. Moreover, there is also a sense of pride among them due to the fact that its Chairman, Tom Lee, is of Korean descent. This makes the stock feel more connected and personal to local investors.
Additionally, other ETH and crypto-related stocks are also gaining attention. Robinhood, Coinbase, and SharpLink Gaming all saw strong buying from Korean investors. SharpLink holds over 728,800 ETH, and its stock price has surged by over 126% since July.
Selling Stock of more Big Tech
At the same time, many Korean investors are selling off “Magnificent Seven” tech stocks. Since last month, they have sold about 1 trillion won ($770M) of Tesla shares, 300 billion won ($230M) of Apple shares, and 230 billion won ($177M) of Alphabet shares. High valuations, poor company performance, and concerns over U.S. tariffs under the U.S. President Donald Trump are making them cautious about overseas investments.
Between January and April this year, Korean investors bought $3.8B worth of U.S. stocks, but sales spiked in May and June before a smaller buying rebound in July. Returns on their top foreign stocks have also slowed from 16% in May to just 4.2% in July.
Experts believe this new ETH-stock craze may continue in the short term, but overall foreign stock purchases could remain sluggish if global economic uncertainty grows.
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