Bitmine treasury news: Ethereum stock bet is down 80% but South Koreans keep buying
Despite an 80% stock collapse, South Korean retail investors remain major buyers of Ether hoarder BitMine.Summary
South Korean retail traders have continued to heavily invest in U.S.-listed BitMine Immersion Technologies Inc., even after its stock plummeted over 80% from its July peak, making it a prime example of speculative demand persisting through a major decline. BitMine's stock initially surged over 3,000% after pivoting from bitcoin mining to accumulating an Ether treasury, attracting attention from high-risk investors. The company, backed by Peter Thiel and headed by Tom Lee, holds approximately $12 billion in Ether, making it the largest ETH treasury company. South Korean investors have poured a net $1.4 billion into the stock this year, and also into a leveraged ETF tracking BitMine, because these firms act as amplified ETH proxies, offering high convexity despite layered equity risk.
(Source：CoinDesk)