DAT buying frenzy cools amid crypto weakness…net buying of Bitmine and Strategy declines
Summary
- It reported that U.S. digital-asset reserve strategy (DAT)-related names have slipped down the rankings of Korean investors’ top net purchases so far this year.
- It said net purchases and buying momentum in Bitmine and Strategy—DAT companies holding large amounts of Bitcoin—have clearly declined compared with the second half of last year.
- It reported that amid broad weakness in the crypto market, a delay in review of the U.S. CLARITY Act, and events such as an FOMC meeting, volatility in the investment environment for DAT-related names is likely to persist.
Stocks linked to the U.S. digital-asset (cryptocurrency) reserve strategy (DAT) have slipped down the rankings of Korean investors’ top net purchases so far this year, data showed. The shift contrasts with last year’s trend, when they drew attention as indirect investment vehicles for Bitcoin (BTC) and Ethereum (ETH).
According to the Korea Securities Depository’s securities information portal (SEIBro) on the 27th, Bitmine ranked 24th in Korean investors’ net purchases of foreign-currency securities for July 1–23. That marked an 11-place drop from the same period a month earlier. The Bitmine 2x leveraged ETF (BMNU) also fell from 12th in the prior-month period to outside the top 50 this month.
The decline is even more pronounced compared with the second half of last year. After Bitmine announced an Ethereum accumulation strategy in late June last year, buying by Korean investors concentrated in the name, with the stock topping monthly net purchases in July and September.
Strategy, a DAT company with a large Bitcoin holding, also placed only 22nd in net purchases early this year. While its share-price gains outpaced the Nasdaq Composite and some mega-cap tech stocks, buying momentum did not follow through.
The broader downturn in the crypto market is cited as a key driver of the trend. Bitcoin plunged from the $120,000 range in October last year amid fallout from U.S.-China trade tensions, and has since oscillated in the $80,000–$90,000 range through year-end and the start of this year.
Policy expectations have also cooled. The U.S. CLARITY Act bill—often referred to as a crypto market structure law—had its review by the Senate Banking Committee indefinitely postponed in mid-month. As a result, uncertainty surrounding regulatory efforts is persisting.
Major variables such as earnings releases by key U.S. technology companies and a Federal Open Market Committee (FOMC) meeting are also on the calendar, leading to assessments that volatility in the investment environment surrounding DAT-related names is likely to persist for the time being.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
