Overseas Investors Flock to Crypto Stocks…Circle, Bitmain Experience Surging Buying
Summary
- It was reported that domestic investors have shown a significant trend of net buying in virtual asset-related stocks on the U.S. stock market over the past month.
- It was stated that the expectation of stablecoins being incorporated into the formal system has led to a concentration of investments in Ethereum-related stocks.
- The recent monthly rate of increase of Ethereum has surpassed that of Bitcoin, strengthening investor sentiment.
Top Stocks by Net Purchases in the Past Month
Domestic funds investing in the U.S. stock market are pouring into companies related to virtual assets. This is due to growing expectations that stablecoins will soon be incorporated into the formal financial system in the U.S., fueling a surge in related stocks.
According to Korea Securities Depository on the 24th, among the top 10 stocks with the highest net purchases by domestic investors in the U.S. over the past month, half were virtual asset-related companies. Circle, the issuer of stablecoins, attracted $460.53 million (about ₩630 billion), claiming the number one spot. Cryptocurrency exchange Coinbase and Robinhood, which provides futures trading services, also ranked high among net purchases.
The market is particularly noting the heavy inflow of funds into Ethereum-related companies. While net purchases used to focus on companies like Strategy, which previously held Bitcoin, and Marathon Digital, a Bitcoin mining firm, recently, attention has shifted to Ethereum-related stocks. Bitmain, ranked 7th, and Sharplink, ranked 8th by net purchases, are investing their cash reserves in Ethereum. Bitmain reportedly holds around 300,000 Ethereum, and Sharplink holds about 360,000.
Last week, U.S. President Donald Trump signed the Genius Act, which includes regulatory measures for stablecoins. This means stablecoins have legally secured a position in the U.S. financial market. Ethereum is considered the blockchain with the largest issuance of stablecoins. In the past month, Ethereum's price increase (about 50%) has outpaced Bitcoin's (about 14%) by more than three times.
Hong Sung-wook, a researcher at NH Investment & Securities, analyzed, "Even major U.S. banks and non-financial companies like Walmart are competing with Circle to secure stablecoins," and added, "Unlike Bitcoin, which has hit new highs, Ethereum has yet to recover its previous peak, which is further fueling investor sentiment."
Reporter Suji Na suji@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
