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South Korean Traders Flock to Bet on BitMine, Net Buying Reaches $259 Million Since Early July
Summary: According to Bloomberg, BitMine has become the favorite overseas stock for South Korean retail investors, who are still attracted by the high-risk, high-return opportunities in the crypto field. Data from the Korea Securities Depository shows that since early July, South Korean retail investors have net bought $259 million worth of BitMine stocks, making it the ...
According to Bloomberg, BitMine has become the favorite overseas stock for South Korean retail investors, who are still attracted by the high-risk, high-return opportunities in the crypto field. Data from the Korea Securities Depository shows that since early July, South Korean retail investors have net bought $259 million worth of BitMine stocks, making it the most purchased overseas security during this period.
This trend highlights the ongoing speculative enthusiasm in the South Korean retail market. Approximately one-third of the South Korean population - about 18 million people - are active in the digital asset market, with interests ranging from leveraged crypto ETFs to newly listed stablecoin issuer Circle.
BitMine aims to replicate Michael Saylor's strategic business model, but with a focus on Ethereum rather than Bitcoin. The company currently holds Ethereum worth $3.6 billion, ranking first globally. However, volatility remains a hallmark of such stocks. After announcing plans to accumulate a large amount of Ethereum, BitMine's stock price surged over 3,000% to a peak in July, but then plummeted by 62%.
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Link: South Korean Traders Flock to Bet on BitMine, Net Buying Reaches $259 Million Since Early July [Copy]
