South Korean investors swap US Big Tech stocks for crypto-linked equities
Main Idea
South Korean retail investors are shifting from US Big Tech stocks to high-risk, high-reward crypto-linked equities, with significant investments in companies like BitMine Immersion Technologies.
Key Points
1. South Korean investors poured $259 million into BitMine Immersion Technologies in July, making it the most-purchased overseas stock in the country.
2. Crypto-linked stocks in the top 50 net-bought stocks by South Korean investors rose from 8.5% in January to 36.5% in June before declining to 31.5% in July.
3. BitMine increased its ETH holdings by 410.68% to 833,100 ETH in the last 30 days, becoming the world’s largest Ether stack.
4. Ethereum co-founder Vitalik Buterin expressed confidence in ETH investors' discipline despite potential risks, supporting public companies buying ETH.
5. The shift in investment trends is attributed to changes in financial markets, including the recently passed United States GENIUS Act.
Description
South Korean traders poured $259 million into Ether-hoarding firm BitMine in July, making it the country’s most-purchased overseas stock.
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