South Korean traders flock to BitMine, with net purchases reaching $259 million since early July

On August 12, Bloomberg reported that BitMine has become the most popular overseas stock among South Korean retail investors, who remain attracted to the high-risk, high-reward opportunities in the crypto space. According to data from the Korea Securities Depository and Clearing Corporation, South Korean retail investors have purchased a net $259 million worth of BitMine shares since the beginning of July, making it the largest overseas security purchased during that period.

This surge highlights the continued speculative enthusiasm of South Korean retail investors.

Roughly one-third of South Korea's population—approximately 18 million people—are active in the digital asset market, attracting interest in everything from leveraged crypto ETFs to the newly listed stablecoin issuer Circle.

BitMine aims to replicate the business model of Michael Saylor's strategy, but with a focus on Ethereum rather than Bitcoin. The company currently holds $3.6 billion in Ethereum, the largest amount globally. However, volatility remains a hallmark of such stocks. BitMine's stock surged more than 3,000% to a high in July after the company announced plans to accumulate a large amount of Ethereum, but has since plummeted 62%.