South Korean retail investors continue to buy 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 cases of speculative demand persisting through a crash.
According to Korea Securities Depository data cited by Bloomberg, BitMine is on track to finish the year as one of the most popular foreign stocks among South Koreans, second only to Alphabet Inc., with net purchases totaling $1.4 billion despite the steep decline.
The rally began after BitMine shifted from bitcoin mining to building an ether treasury, positioning itself as a listed vehicle dedicated to accumulating ETH. The move sparked a more than 3,000% surge into early July, thrusting the company from relative obscurity into the top ranks of foreign stocks favored by South Korean retail. BitMine is backed by billionaire Peter Thiel and led by crypto forecaster Tom Lee.
Retail demand has also flowed into leveraged products, such as T-Rex’s 2X Long BitMine Daily Target ETF, which targets twice the stock’s daily performance. The ETF has drawn $566 million in inflows but has fallen roughly 86% from its September peak.
BitMine’s attraction lies in its ETH holdings, estimated at $12 billion, making it the largest publicly listed ether treasury company, according to strategicethreserve.xyz. Ether itself is down about 11% in 2025, after listed accumulators pushed the token near $5,000 in August.
For South Korean retail, the appeal is convexity rather than stability. Ether treasury stocks act as amplified ETH proxies, layering equity risk atop crypto volatility. This creates the potential for sharp gains during momentum phases and equally steep losses when flows reverse — explaining why BitMine remains a magnet for the high-risk “ant” investor base despite an 80% collapse.
