South Korean Retail Keeps Buying Ether Hoarder BitMine Despite 80% Drop: Report

Why It Matters

The sustained buying highlights Korean retail’s appetite for crypto‑linked equities, signaling heightened market volatility and potential regulatory focus on leveraged digital‑asset products.

Key Takeaways

• South Korean retail net bought $1.4 bn BitMine 2025
• Shares fell ~82% from July peak, still rising
• BitMine holds $12 bn ether, largest ETH treasury
• Leveraged 2X ETF attracted $566 mn, now down 86%
• Crypto‑linked equities remain popular despite heavy losses

Pulse Analysis

BitMine Immersion Technologies, once a modest bitcoin‑mining outfit, reinvented itself in early 2025 by converting its balance sheet into an ether treasury. Backed by Peter Thiel and led by crypto‑bull Tom Lee, the company amassed roughly $12 billion worth of ETH, instantly becoming the largest publicly listed ETH holder. The dramatic shift sparked a frenzy among South Korean retail investors, who poured a net $1.4 billion into the stock despite its volatile price action. According to Korea Securities Depository data, BitMine ranked second only to Alphabet in net buying by Korean traders, underscoring the depth of local enthusiasm for crypto‑linked equities.

The appeal lies in the convexity that a listed ether‑treasury offers. Investors gain exposure to ETH’s upside while retaining equity‑style liquidity and the ability to trade through conventional brokerage channels. This hybrid structure also fuels demand for leveraged vehicles such as T‑Rex’s 2X Long BitMine Daily Target ETF, which attracted $566 million before sliding 86% from its September high. The Korean “ant” investor cohort, known for high‑risk, high‑reward bets, continues to chase amplified returns, even as the underlying stock has shed more than 80% of its value.

The persistence of such speculative flows has broader implications for both the cryptocurrency market and domestic financial stability. Heavy retail participation can amplify price swings in ETH, especially when large‑cap treasury firms like BitMine adjust their holdings. Regulators may scrutinize the blend of equity and crypto exposure, particularly leveraged products that magnify losses for inexperienced traders. Nonetheless, the episode illustrates a growing appetite for tokenized assets in traditional portfolios, suggesting that future listings that combine blockchain exposure with familiar equity mechanics could attract similar fervor across Asia and beyond.