Peter Thiel-backed BitMine becomes South Korea's hottest foreign stock bet, here's why
:
Mine Immersion Technologies, a US-listed crypto firm backed by
Peter Thiel
's Founders Fund, has suddenly become the popular foreign stock of choice for South Korean retail investors as they are drawn to the kind of high-risk, high-reward opportunities on offer in crypto, as per a report.
South Korean Retail Investors Pour Millions Into BitMine
Since the start of July, South Koreans have poured around $259 million into
BitMine
shares, making it the most heavily bought overseas security by local retail traders, reported Bloomberg, citing data from the Korea Securities Depository.
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BitMine's Big Pivot: From Bitcoin Mining to Ether Treasury
Until recently, BitMine was a traditional Bitcoin miner, but the company recently announced that it would pivot away from mining and instead operate as a digital-asset treasury, which is a listed entity designed mainly to accumulate and hold cryptocurrency, according to the Bloomberg report.
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BitMine Holds Largest Public Ether Treasury at $3.6 Billion
That pivot changed everything, BitMine now holds about $3.6 billion worth of Ether, making it the largest Ether treasury among public companies, based on data compiled by strategicethreserve.xyz, as reported by Bloomberg.
Crypto Mania Continues Among South Korean Retail Traders
The timing couldn't have been better. Ether recently surged past $4,300, its highest level since late 2021, which fueled a wider crypto rally and sent BitMine's stock soaring more than 3,000% at its peak in July, according to the report. The stock gained especially after the company announced its plan to stockpile Ether, but has since fallen back sharply, dropping 62%, as per the Bloomberg report.
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BitMine Follows MicroStrategy's Playbook But With Ether
BitMine's surge reflects the speculative fervor that continues to grip South Korea's retail base as about a third of the nation's population, which is almost 18 million people, are active in digital-asset markets, who are drawn to everything from leveraged crypto exchange-traded funds to newly listed firms like stablecoin issuer Circle Internet Financial Ltd, as reported by Bloomberg.
The firm's approach is similar to the business model popularised by Michael Saylor's Strategy, though with a focus on Ether instead of Bitcoin, according to the report. The move has led it among a growing group of digital-asset treasury firms emerging across the crypto landscape, with holdings ranging from Binance-linked BNB to Litecoin, as reported by Bloomberg.
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FAQs
How much Ether does BitMine hold?
BitMine reportedly holds about $3.6 billion worth of Ether, the largest amount among all public companies.
Is BitMine a crypto mining company?
Not anymore. It transitioned from mining to becoming a digital asset treasury that accumulates and holds Ether.
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