Bitmine ranks first in net purchases by Korean retail investors this month…emerges as the largest holder of Ethereum

Minseung Kang

Summary

Bitmine recorded first place in net purchases of U.S. stocks by domestic individual investors in September, gaining significant attention as a cryptocurrency mining company.
The company was highlighted as the world's largest holder of Ethereum, and it said it recently shifted from 'sell immediately after mining' to a long-term holding strategy.
It said that, since crypto-based ETFs are not allowed domestically, investors appear to have chosen U.S.-listed companies like Bitmine as an alternative.

Korean retail investors are concentrating their investments on cryptocurrency mining company Bitmine instead of traditional big tech.

According to the KSD Securities Information Portal, from September 1 to 26, Bitmine ranked first among the top 50 U.S. stocks by net purchases from domestic individual investors. The net purchase amount surpassed $276 million.

Bitmine, which listed on the U.S. stock market last June, has attracted investors' attention as its stock price surged more than 500%. Being known as the world's largest holder of Ethereum and its shift from a 'sell immediately after mining' approach in the past to a recent long-term holding strategy have worked in its favor. The company operates both mining and management businesses based in Las Vegas, using its own equipment to accumulate Bitcoin and Ethereum.

The market sees that, with crypto-based ETFs not permitted domestically, investors have chosen U.S.-listed companies as an alternative. Experts said, "As Bitcoin and Ethereum prices surge, mining companies expanding their business with a 'coin accumulation' strategy have become more attractive to investors."

ETH