South Korean retail appetite for BitMine persists despite steep 80% ether drop: Report

South Korean retail investors are still buying Ether-focused BitMine Immersion Technologies Inc., even after the U.S.-listed stock has collapsed more than 80% from its July peak, making it one of 2025’s most extreme examples of speculative demand enduring a crash.

According to Bloomberg-cited data from the Korea Securities Depository, BitMine is on track to end the year as one of the most popular foreign stocks among South Koreans, second only to Alphabet Inc., with $1.4 billion in net purchases despite the steep decline.

The frenzy began after BitMine pivoted from bitcoin mining to building an ether treasury, effectively positioning itself as a publicly listed ETH accumulation vehicle. The announcement sparked a staggering 3,000% rally into early July, propelling the company from relative obscurity into the top ranks of foreign stocks favored by South Korean retail. Backed by billionaire Peter Thiel and led by crypto forecaster Tom Lee, the company quickly captured attention.

Investors have also flocked to leveraged exposure through T-Rex’s 2X Long BitMine Daily Target ETF, designed to deliver twice the stock’s daily performance. The ETF has seen $566 million in inflows but is down roughly 86% from its September peak.

BitMine’s allure stems from its $12 billion ETH holdings, making it the largest publicly listed ether treasury company, according to strategicethreserve.xyz. Ether itself is down about 11% in 2025, after listed accumulators helped push the token near $5,000 in August.

For South Korean retail, the appeal is convexity rather than stability. Ether treasury stocks act as leveraged ETH proxies, layering equity risk atop crypto volatility. This creates outsized gains during momentum phases and sharp losses when flows reverse — explaining why BitMine remains a magnet for the high-risk “ant” investor base even after an 80% crash.