Ethereum Fever Grips Korea: Surprising Investment Pivot
In favor of Ethereum-related stocks, South Korean retail investors are selling off their stakes in large tech companies like Tesla and Alphabet. Tesla was sold off in the last month with net sales of about 1 trillion won ($721.6 million), despite having long been a mainstay in the top net-buy rankings for Korean retail investors. With net sales of over 230 billion won ($166 million) and 300 billion won ($216 million), respectively, Alphabet and Apple were also substantially sold.
Seohak Ants Swarm to BitMine Amid Ethereum Investment Boom
“Seohak ants” is the local term for these individual investors. The term “Western learning,” or “seohak,” is used to describe foreign stock investors in the language of domestic finance. In reference to their tiny size but high quantity in comparison to institutional whales, retail investors are known locally as ants.
These ants have invested $269 million in BitMine, a Bitcoin mining and Ethereum treasury firm that is currently the largest publicly listed holder of ETH, according to the Korea Securities Depository. With the exception of exchange-traded funds, Coinbase, Robinhood, and Sharplink Gaming accounted for half of the top seven net-buy stocks by ants during that time.
Ethereum Treasury Strategy Gains Traction Among Publicly Traded Firms
The success of Bitcoin treasury firms, a strategy made popular by Michael Saylor and Strategy, has led to a recent spike in the value of Ethereum holdings by publicly traded companies. Companies have benefited from holding Bitcoin or Ethereum not only because of the cryptocurrencies’ growth, but also because it has increased the value of their stock. According to CoinGecko data, 18 publicly traded firms currently own 1.88% of Ethereum’s total supply.
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