South Korean retail investors have continued piling into Ether-focused BitMine Immersion Technologies Inc., even after the U.S.-listed stock has plunged more than 80% from its July peak, making it one of 2025’s most extreme examples of speculative demand enduring a collapse.
According to Korea Securities Depository data cited by Bloomberg, BitMine is set to close the year as one of the most popular overseas equities among South Koreans, ranking second only to Alphabet Inc. Local investors have poured a net $1.4 billion into the stock this year, remaining active buyers despite an 82% drop from the July 3 high.
The company’s surge began after it announced a strategic pivot from bitcoin mining to building an ether treasury, effectively positioning itself as a listed vehicle dedicated to accumulating ETH. The announcement triggered a rally of more than 3,000% into early July, propelling BitMine from relative obscurity to one of the top foreign stocks bought by South Korean retail investors. The firm counts billionaire Peter Thiel as a backer and is led by Wall Street forecaster Tom Lee, known for his bullish crypto outlook.
Retail buying has extended beyond the underlying shares. South Korean traders have also embraced higher-risk, leveraged exposure via T-Rex’s 2X Long BitMine Daily Target ETF, a product that seeks twice the stock’s daily performance. Investors have poured roughly $566 million into the ETF, which is currently down about 86% from its September peak.
BitMine’s allure stems largely from its balance sheet. The company holds an estimated $12 billion in ether, making it the largest publicly listed digital-asset treasury focused on ETH, according to strategicethreserve.xyz. Ether itself is down around 11% in 2025, after the wave of listed accumulators helped push the token near a record $5,000 in August before the rally faded.
For South Korean retail traders, the appeal is less about stable exposure and more about convexity. Ether treasury companies like BitMine act as amplified proxies for ETH, layering equity risk on top of crypto volatility. This structure can deliver outsized gains during momentum phases, but equally sharp drawdowns when sentiment reverses — explaining why BitMine remains a magnet for South Korea’s high-risk “ant” investor base even after an 80% selloff.
