Korean traders flock to bet on BitMine, with net purchases reaching 259 million dollars since early July

According to ChainCatcher news, 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, as reported by Bloomberg. According to data from the Korea Securities Depository, South Korean retail investors have net purchased $259 million worth of BitMine stock since early July, making it the overseas security with the highest purchase amount during this period.

This craze highlights the ongoing speculative enthusiasm in the South Korean retail market. About one-third of the South Korean population—approximately 18 million people—are active in the digital asset market, with interests ranging from leveraged crypto ETFs to newly listed stablecoin issuer Circle.

BitMine aims to replicate Michael Saylor's strategic business model, but with a focus on Ethereum rather than Bitcoin. The company currently holds $3.6 billion worth of Ethereum, ranking first globally. However, volatility remains a hallmark of such stocks. After announcing plans to accumulate a large amount of Ethereum, BitMine's stock price soared over 3,000% in July to a peak, but then plummeted by 62%.