Korean Retail Won't Quit BitMine Despite 80% Crash
South Korean traders keep piling into BitMine shares even after the stock tanked 80% from its peak. The crypto pivot story still has believers.
Scout Team
The market's doing something interesting today, and it's happening over in South Korea. BitMine shares are down 80% from their highs, but Korean retail investors? They're still buying. Yeah, you read that right.
Here's what's going on. BitMine decided to pivot into becoming an ether treasury company - basically hoarding ETH on their balance sheet. That move sparked an absolutely wild 3,000% rally earlier this year. But now we're seeing the other side of that mountain. The stock's been getting hammered, dropping 80% from its peak. You'd think retail would bail, right? Wrong.
South Korean retail traders have a reputation for high-risk plays, and BitMine fits that profile perfectly. These investors saw what happened with MicroStrategy and Bitcoin. They're betting BitMine can pull off something similar with Ethereum. The thing is, building a crypto treasury is risky business even in good times. And with ether's price action lately? It's been rough.
What strikes me about this whole situation is the conviction these retail traders have. They're not just holding - they're actively buying more as the price drops. Some might call it catching a falling knife. Others might say they're accumulating at better prices. Time will tell who's right.
Look, I've seen this movie before in crypto markets. Sometimes the believers win big. Sometimes they get absolutely rekt. BitMine's ether treasury bet could pay off huge if ETH rallies in 2026. Or it could keep bleeding. That's the game when you're mixing traditional equities with crypto treasuries.