South Korean Retail Keeps Buying BitMine Stock Despite 80 Percent Collapse

TLDR

Table of Contents

South Korean retail investors bought $1.4B of BitMine shares in 2025.
BitMine stock dropped about 80% from its July peak after a 3,000% rally.
The company holds around 4.07 million ETH worth nearly $12 billion.
A 2x leveraged BitMine ETF drew $566M and is down about 86%.

South Korean retail traders continue to buy shares of BitMine Immersion Technologies even after the stock lost more than 80% from its peak. The U.S.-listed firm shifted from bitcoin mining to building a large Ethereum treasury, turning its shares into a leveraged bet on ether prices. Despite heavy losses, Korean investors remain active buyers, keeping BitMine among the most purchased foreign stocks in 2025.

South Korean retail demand persists after steep decline

BitMine Immersion Technologies has remained a popular overseas equity among South Korean retail traders throughout 2025. This demand has continued even as the stock fell about 80% from its July high. Data from the Korea Securities Depository, cited by Bloomberg, shows BitMine ranked second in net overseas purchases by Korean investors.

Local investors have committed around $1.4 billion to the stock this year. Buying activity stayed strong despite sharp price drops over recent months. The pattern reflects ongoing interest from high-risk retail traders, often referred to as “ant” investors in South Korea.

According to Bloomberg, despite an approximately 80% decline from its July peak, BitMine Immersion Technologies Inc. remains one of the most popular overseas stocks among South Korean investors in 2025, ranking second only to Alphabet Inc. South Korean retail investors have… pic.twitter.com/5WromUGgQd
— Wu Blockchain (@WuBlockchain) December 30, 2025

The stock’s volatility did not reduce trading volumes. Instead, many investors treated the decline as an entry point. This behavior has been common in speculative overseas equities with crypto exposure.

Ethereum treasury shift drove earlier rally

BitMine’s rise began after the company changed its business model earlier this year. It moved away from bitcoin mining and adopted an Ethereum treasury strategy. The firm positioned itself as a listed vehicle designed to accumulate ether on its balance sheet.

This announcement triggered a sharp rally. BitMine shares surged more than 3,000% into early July. The move lifted the company from low trading volumes into the top tier of foreign stocks bought by South Korean retail investors.

The company is led by Tom Lee, a managing partner at Fundstrat, and is backed by billionaire investor Peter Thiel. Lee has been a public supporter of Ethereum-focused balance sheet strategies. He said recent market pressure came from seasonal factors. “Year-end tax-loss related selling is pushing down crypto and crypto equity prices,” Lee said.

Balance sheet scale and leveraged exposure

BitMine’s appeal is closely tied to its Ethereum holdings. The company holds about 4.07 million ETH, valued near $12 billion. Data from strategicethreserve.xyz shows it is the largest public company focused solely on ether accumulation.

The firm has continued to add to its holdings despite weak market conditions. Nansen data shows BitMine bought 32,938 ETH in one transaction worth about $98 million. It also staked more than 118,000 ETH to generate yield for shareholders.

South Korean traders have also used leveraged products for added exposure. The T-Rex 2X Long BitMine Daily Target ETF attracted about $566 million in inflows. The ETF aims to deliver twice the daily performance of BitMine shares. It is now down roughly 86% from its September peak.

Ether prices and ongoing accumulation

Ether prices have declined about 11% in 2025, based on CoinDesk market data. The token reached a record near $5,000 in August before losing momentum. Listed Ethereum treasury companies were a key factor during the earlier rally.

BitMine has continued buying even as prices softened. The firm has purchased over 40,000 ETH each week for at least ten consecutive weeks. Lee described the company as the largest “fresh money” buyer of ether during this period.

Broader crypto markets have remained range-bound. CoinGecko data shows the total crypto market cap has hovered near $3 trillion for two weeks. Reduced holiday trading and automated strategies have limited price movement.

Despite these conditions, South Korean retail demand for BitMine shares has remained steady. The stock’s structure offers amplified exposure to ether, combined with equity risk. This mix continues to attract speculative capital, even after one of the year’s sharpest declines.