Despite a significant drop in its value, South Korean retail traders continue to show strong interest in BitMine Immersion Technologies Inc. The company’s stock has fallen over 80% since its peak in July, yet it remains a popular choice among local investors.
BitMine’s Rise and Fall
BitMine’s stock experienced a meteoric rise of more than 3,000% earlier this year following the company’s shift from bitcoin mining to creating an ether treasury. This strategic pivot positioned BitMine as a leading player in accumulating Ethereum (ETH), attracting widespread attention from South Korean traders.
Significant Investment from South Korea
- Local investors poured a net $1.4 billion into BitMine in 2023.
- The stock is now ranked second only to Alphabet Inc. in net buying by South Koreans.
- Despite an 82% decrease from its high on July 3, interest remains robust.
The company’s leadership, including billionaire Peter Thiel and crypto enthusiast Tom Lee, has likely contributed to this sustained interest. BitMine’s strong financial position is also appealing, given that it holds approximately $12 billion in ether, making it the largest digital-asset treasury company focused on ETH.
Leveraged Products and Broader Trends
South Korean traders are not just buying BitMine shares. They are also investing in T-Rex’s 2X Long BitMine Daily Target ETF, which aims for double the daily performance of the stock. This ETF has attracted $566 million in investments, despite a significant decline of about 86% from its peak in September.
Market Conditions and Ether Performance
Ethereum itself has dropped around 11% in 2025, according to CoinDesk. Earlier in the year, ETH reached a record high nearing $5,000 due to a rush of listed accumulators, but the momentum has since slowed.
For South Korean retail investors, the appeal of these investments lies in the high risk and potential high reward. Ether treasury firms like BitMine function as leveraged proxies for ETH, leading to greater volatility. This volatility creates opportunities for sharp gains but can also result in significant losses, explaining the ongoing attraction for South Korea’s risk-seeking “ant” investor demographic, even following an 80% price collapse.
