Crypto Stock Frenzy – South Korean Investors Flock to BitMine as Ether Hits $4,300
Crypto Stock Frenzy – BitMine Immersion Technologies Inc. has skyrocketed to become the most purchased foreign equity among South Korean retail investors, reflecting the country’s ongoing appetite for high-risk, high-reward crypto opportunities. Since the start of July, Korean investors have poured a net $259 million into BitMine shares, according to data from the Korea Securities Depository.
From Bitcoin Miner to Ether Treasury Powerhouse
Once a Bitcoin mining firm, BitMine has now reinvented itself as a digital-asset treasury, shifting its focus to accumulating and holding Ether (ETH). The transformation has paid off — the company now holds the largest Ether treasury globally, valued at $3.6 billion, as tracked by strategicethreserve.xyz.
This pivot mirrors the playbook of Michael Saylor’s Strategy, but with a twist: BitMine is betting big on Ether instead of Bitcoin. Backed by Peter Thiel’s Founders Fund, the company is among a rising wave of publicly traded crypto treasuries holding assets ranging from BNB to Litecoin.
Volatility Fuels Speculation
Ether recently surged past $4,300, marking its highest level since December 2021 and helping to drive a broader market rally. BitMine’s share price has ridden the same wave, soaring over 3,000% to a peak in July following its Ether accumulation announcement — only to plunge 62% shortly after, highlighting the intense volatility tied to these types of crypto-focused stocks.
With about a third of South Korea’s population actively trading in digital assets, stocks like BitMine continue to capture the attention of a retail base that thrives on volatility and innovation in the evolving crypto landscape.
