Korean Billions Pumping Bitmine, Ethereum, and Circle

Why this report matters

Need a buyer for an obscure MicroStrategy preferred share with no dividends, or for a leveraged Ethereum ETF? No problem—you’ll find them in Korea. Billions are flowing not just into Bitcoin, but into Circle, Bitmine, and Ethereum-linked equities—often with more force than into Tesla or NVIDIA. This surge coincides with the introduction of new stablecoin legislation in Korea and the GENIUS Act in the U.S., creating a powerful regulatory backdrop.

Yet beneath the surface, the flows are uneven, the momentum fragile, and the risks of being on the wrong side of this trade are growing. Some of the hottest names are already showing signs of strain (see our August 6 report), even as retail investors continue to pile in. The real question now: which of these bets will hold up—and which will unravel first?

Bitcoin (LHS) vs. Monthly Buying of US crypto equities by Koreans (RHS, $bn)

Main argument

Roughly one in five South Koreans, or approximately 20% of the population, now invest in cryptocurrency assets, a rate significantly higher than the global average. Among those aged 20 to 50, ownership climbs even higher, reaching 25–27%. Koreans also rank among the largest foreign investors in U.S. equities, making the listing of new crypto companies in America a natural fit—one that has further fueled the sharp rise of Ethereum Treasury firms.

Market Updates