South Koreans Persist in Ethereum-Linked Stock Despite 80% Decline

Continued Investment in BitMine Despite Plunge

South Korean retail investors remain committed to BitMine Immersion Technologies Inc., a U.S.-listed stock focused on Ethereum, even after its significant decline of over 80% since July. This trend highlights ongoing speculative interest despite market downturns.

Popularity Among South Korean Investors

BitMine ranks as the second most popular overseas stock among South Korean investors, following Alphabet Inc., as reported by Korea Securities Depository data via Bloomberg.

In 2025, South Korean investors have injected a net $1.4 billion into BitMine, maintaining active investment despite the stock's 82% drop from its peak on July 3.

Shift to Ethereum Focus

BitMine's initial surge was triggered by its strategic pivot from Bitcoin mining to building an Ethereum treasury, positioning itself as a key player in ETH accumulation.

This shift led to a 3,000% rally by early July, elevating the company's status among foreign stocks favored by South Koreans. Notably, BitMine is backed by billionaire Peter Thiel and led by Tom Lee, a prominent Wall Street forecaster known for his bullish stance on crypto.

Leveraged Investments and Market Dynamics

South Korean traders have also sought amplified exposure through T-Rex's 2X Long BitMine Daily Target ETF, a leveraged product aimed at doubling the stock's daily performance. This ETF has attracted $566 million but is down about 86% from its September peak.

BitMine's allure is partly due to its substantial ether holdings, valued at approximately $12 billion, making it the largest digital-asset treasury focused on Ethereum, according to strategicethreserve.xyz.

Ether itself has decreased by around 11% in 2025, as per CoinDesk market data, following a surge to nearly $5,000 in August before the momentum waned.

High-Risk Appeal for Retail Investors

For South Korean retail investors, the attraction lies in the potential for significant gains. Ether treasury firms offer leveraged exposure to ETH, combining equity risk with crypto volatility. This structure leads to sharp gains during upward trends and steep declines when momentum reverses, which continues to attract South Korea's high-risk 'ant' investor base despite the stock's 80% fall.