South Korean Investors Pour $259M Into Ether Treasury Giant BitMine

South Korean retail investors have poured $259 million into BitMine Immersion Technologies Inc. since July, making the U.S.-listed company their top foreign equity purchase, Bloomberg reports. BitMine now holds approximately $3.6 billion worth of ETH.

The buying surge occurred as Ether climbed above $4,300, reaching its highest price since December 2021. BitMine, formerly a Bitcoin-focused mining company, shifted its strategy to accumulate Ether reserves instead.

Data from strategicethreserve.xyz shows BitMine's ETH holdings represent the biggest corporate treasury of the cryptocurrency. The company appears to be following the corporate treasury model that Michael Saylor’s Strategy popularized with Bitcoin, but focused on Ether.

South Korean interest in BitMine reflects the country's deep crypto engagement. About 18 million South Koreans actively trade digital assets, including leveraged crypto ETFs and stablecoin-related investments.

BitMine's ETH strategy created extreme stock volatility. Shares jumped more than 3,000% after the company announced its Ether accumulation plan, then plummeted 62% shortly afterward.

The South Korean investment pattern highlights how retail traders in the country track companies building cryptocurrency treasuries. Korean investors have consistently favored foreign stocks tied to crypto strategies over the past year.

BitMine's pivot from Bitcoin mining to Ether treasury management represents a notable shift in corporate crypto strategies. While most companies that adopt crypto treasuries focus on Bitcoin, BitMine chose Ether as its primary holding.