In a curious twist of fate, South Korean retail investors have recently decided that major U.S. tech companies-those titans of industry like Tesla, Apple, and Alphabet-are no longer the apple of their eye. Instead, they have turned their affections toward stocks related to Ethereum (ETH), as if they were seeking a more thrilling romance.
According to the local media outlet Hankyung, the belle of the ball in this financial soirée is none other than BitMine Immersion Technologies (BMNR), a U.S.-listed company that has caught the fancy of billionaire Peter Thiel. Once a humble Bitcoin miner, BitMine has now donned its Ethereum gown, ready to dance the night away.
Why Korean Investors Choose BitMine
Since the dawn of July, South Korean investors have showered BitMine with approximately $259-269 million, making it the most sought-after foreign stock in Korea. One can only imagine the jubilant celebrations in the boardroom!
This newfound affection can be attributed, in part, to the recently passed GENIUS Act, which aims to give stablecoins a clearer legal standing. Investors, with stars in their eyes, believe this will send ETH prices soaring, which have already jumped nearly 40% this month. Who knew legal clarity could be so exhilarating?
Analysts suggest that South Koreans are drawn to BitMine for its high-risk, high-reward allure-much like a game of poker, where the stakes are high and the thrill is palpable. Moreover, there’s a touch of national pride, as the Chairman, Tom Lee, shares their heritage. It’s like finding a long-lost cousin at a family reunion, only this one comes with stock options!
But wait, there’s more! Other ETH and crypto-related stocks are also basking in the limelight. Robinhood, Coinbase, and SharpLink Gaming have all seen a surge in interest from Korean investors. SharpLink, with its impressive stash of over 728,800 ETH, has seen its stock price soar by over 126% since July. Talk about a glow-up!
Selling Stock of more Big Tech
Meanwhile, in a dramatic turn of events, many Korean investors are parting ways with the so-called “Magnificent Seven” tech stocks. Since last month, they have sold off about 1 trillion won ($770 million) of Tesla shares, 300 billion won ($230 million) of Apple shares, and 230 billion won ($177 million) of Alphabet shares. High valuations and lackluster company performance have made them as cautious as a cat on a hot tin roof.
Between January and April of this year, Korean investors were on a buying spree, acquiring $3.8 billion worth of U.S. stocks. However, sales spiked in May and June, followed by a timid rebound in July. Returns on their top foreign stocks have dwindled from a dazzling 16% in May to a mere 4.2% in July. It seems the thrill of the chase has lost some of its luster.
Experts speculate that this new ETH-stock craze may continue to captivate investors in the short term, but overall foreign stock purchases could remain sluggish if global economic uncertainty looms like a dark cloud. Ah, the joys of investing-where every day is a new adventure!
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2025-08-15 16:53