South Korea’s Big Tech Exodus: Crypto Stocks Take Center Stage
South Korea’s retail investors are making a bold pivot — ditching their once-unshakable love for U.S. Big Tech in favor of high-volatility, high-reward crypto-linked equities.
According to Yonhap News Agency, citing figures from the Korean Center for International Finance (KCIF), crypto-related stocks have exploded in popularity. In January, they made up just 8.5% of the top 50 net-bought foreign stocks. By June, that figure had rocketed to 36.5% before settling slightly at 31.5% in July.
In stark contrast, South Korean net purchases of major U.S. tech giants collapsed — plunging to just $260 million in July, an 84% drop compared to the monthly average of $1.68 billion seen earlier this year.
KCIF analysts say the dramatic rotation was fueled in part by the GENIUS Act in the U.S., which accelerated the acceptance of stablecoins in global finance, making crypto-linked equities more appealing to investors seeking growth beyond traditional markets.
BitMine Emerges as the Star of the Shift
The clearest winner in this investment shake-up? BitMine Immersion Technologies — an Ethereum staking powerhouse.
Data from the Korea Securities Depository, reported by Bloomberg, shows South Korean retail investors have poured an eye-watering $259 million into BitMine shares since the start of July. That surge crowned BitMine as the most-purchased overseas stock in the country for the month.
And the company’s Ethereum bet is paying off — in the last 30 days, BitMine’s ETH holdings skyrocketed 410.68% to 833,100 coins, making it the world’s largest single Ether holder. With ETH blasting past $4,300 on Monday, BitMine’s stack is now worth nearly $3.6 billion — up 24% in just a week.
Vitalik Buterin Issues a Stark Warning
While Ethereum co-founder Vitalik Buterin welcomed public companies boosting ETH treasuries, he cautioned against reckless leverage. Speaking on the Bankless podcast, Buterin warned that Ethereum’s “downfall” could happen if corporate treasuries turn into an “overleveraged game,” triggering a chain reaction of liquidations during a sharp price drop.
Still, Buterin expressed optimism that ETH’s investor base is disciplined enough to avoid such a catastrophe.
For now, BitMine’s bold bet — and South Korea’s dramatic rotation into crypto — stands as one of the biggest market stories of the summer.
