South Korean retail investors are moving funds from United States Big Tech stocks to crypto-linked equities, according to Yonhap News Agency citing data from the Korean Center for International Finance (KCIF).
KCIF data shows that crypto-linked stocks made up 8.5% of the top 50 net-bought overseas equities by South Koreans in January. The share rose to 36.5% in June before easing to 31.5% in July.
In contrast, net purchases of leading US Big Tech stocks fell to $260 million in July, down 84% from the monthly average of $1.68 billion recorded between January and April. KCIF attributed the change partly to the wider adoption of stablecoins in global markets and the recent passage of the United States GENIUS Act.
BitMine Leads as Most-Purchased Overseas Stock in July
BitMine Immersion Technologies, a US-based Ether-stacking company, was the largest beneficiary of this investment shift. Bloomberg, citing data from the Korea Securities Depository, reported that South Korean retail traders bought $259 million worth of BitMine shares from the start to the end of July. This made BitMine the most-purchased overseas stock in South Korea for the month.
Over the past 30 days, BitMine increased its Ether holdings by 410.68%, reaching 833,100 ETH. With Ether trading at $4,282 on Monday, the holdings were worth about $3.6 billion, up 24% from their valuation the previous Tuesday.
BitMine now holds the largest Ether stack in the world. The company’s expansion in Ether reserves coincided with the cryptocurrency’s price crossing $4,300 earlier this week.
Vitalik Buterin Comments on ETH Treasuries and Leverage Risks
Ethereum co-founder Vitalik Buterin discussed the trend of public companies adding Ether to their treasuries during an interview on the Bankless podcast. While supporting the presence of ETH in corporate holdings, he cautioned against the risks of excessive leverage.
Buterin said the
“downfall of ETH” could occur if treasuries turned into “an overleveraged game.” He described a potential scenario where a drop in Ether’s price could trigger a cascade of liquidations.
Despite this warning, Buterin noted that ETH investors have generally maintained disciplined approaches to risk. His remarks come as Ether’s presence in corporate balance sheets continues to expand alongside growing investment from markets such as South Korea.
