Korean retail investors in U.S. stocks sell Tesla and buy 'Ethereum-holding company'

Korean retail investors in U.S. stocks (individual investors in U.S. stocks) were reported to have sold large amounts of Tesla stock and bought cryptocurrency-related stocks.

According to data from the Korea Securities Depository on the 2nd (Korea time), Korean retail investors net sold $657 million (about 916.3 billion won) worth of Tesla stock in August alone. This is the largest scale since 2019, with $1.8 billion having flowed out over the past four months.

Amid Tesla's weak share price, $554 million also flowed out of TSLL, an exchange-traded fund (ETF) that offers double leverage.

Meanwhile, during the same period, shares of cryptocurrency miner Bitmain Emerging Technologies recorded net purchases of $253 million (about 352.8 billion won). Bitmain is the listed company that holds the most Ethereum.

However, despite these large-scale sales, Tesla still ranks first in holdings. Korean retail investors' Tesla holdings now approach $21.9 billion.