South Korean retail investors are continuing to pour money into Ether-focused BitMine Immersion Technologies Inc., even after the U.S.-listed stock has collapsed more than 80% from its July high, making it one of 2025’s most extreme examples of speculative demand surviving a crash.

Data from the Korea Securities Depository cited by Bloomberg shows BitMine is on track to finish the year as one of the most popular overseas stocks among South Koreans, second only to Alphabet Inc., with net purchases totaling $1.4 billion despite the steep slide.

The frenzy began after BitMine shifted its focus from bitcoin mining to building an ether treasury, positioning itself as a listed vehicle dedicated to accumulating ETH. The pivot triggered a staggering rally of more than 3,000% into early July, propelling the company from relative obscurity into the top ranks of foreign stocks favored by South Korean retail. The firm is backed by billionaire Peter Thiel and led by crypto forecaster Tom Lee.

Investors have also sought leveraged exposure through T-Rex’s 2X Long BitMine Daily Target ETF, designed to deliver twice the stock’s daily performance. The ETF has attracted $566 million in inflows but is down roughly 86% from its September peak.

BitMine’s appeal stems from its ETH holdings, estimated at $12 billion, making it the largest publicly listed ether treasury company, according to strategicethreserve.xyz. Ether itself is down about 11% in 2025, after listed accumulators briefly pushed the token near $5,000 in August.

For South Korean retail, the draw is convexity rather than stability. Ether treasury firms trade as leveraged proxies for ETH, layering equity risk on top of crypto volatility. This structure can deliver outsized gains during momentum phases, but equally sharp losses when flows reverse — helping explain why BitMine remains a magnet for high-risk “ant” investors even after an 80% drop.