Korean Traders Dump $657M Tesla Stake, Pour $253M into BitMine Crypto Play
Seoul's sharpest traders just executed a massive sector rotation—dumping traditional tech for digital gold.
The Pivot Play
They offloaded a staggering $657 million in Tesla positions—Elon's favorite stock—and redirected a cool $253 million into BitMine. That's not just a trade; it's a statement. Traditional equities? Looking shaky. Crypto mining? Suddenly strategic.
Why It Matters
This isn't retail FOMO—this is institutional-grade repositioning. Korean funds aren't chasing memes; they're hedging against inflation, dollar weakness, and stagnant tech valuations. BitMine offers something Tesla doesn't: exposure to pure-play digital asset infrastructure.
The Bottom Line
While Wall Street still debates Bitcoin's viability, Seoul's whales are already mining the miners—because why bet on the gold rush when you can sell the shovels? Another reminder that while analysts write reports, traders write checks.
Korean retail exodus hits Tesla stock
An unexpected shift in the traders’ mood highlights the waning faith in Tesla’s AI promises and growing appetite for higher-octane bets. Meanwhile, South Korean investors’ buying sprees had amplified Tesla’s rallies through the pandemic boom, but now they are looking for something else.
The report mentioned that a 33-year-old investor who first bought Tesla shares in 2019 but sold out this year to chase newer plays. He stated that “It has failed to lead with its own AI narrative.”
Tesla’s share price is up by more than 17% over the last 6 months, but it is still trailing by 12% on a year-to-date (YTD) basis. This suggests that the EV making giant saw a massive pump at the beginning of the year, however, it wasn’t able to keep up the momentum. Tesla share price dipped by 1.45% in the last trading session to trade at $333.86.
Ethereum mania lifts BitMine
The timing isn’t accidental, as ethereum has outperformed Bitcoin lately. In fact, Ether linked ETFs are pulling in more money than Bitcoin for the first time. They saw $1.5 billion in inflows in a single week compared to Bitcoin’s $244 million.
ETH price is running up by 28% over the last 30 days and 69% over the last 60 days. On the other side, Bitcoin price fell by 3.6% and 2% in the same period. The massive spike in ETH buying led to the biggest altcoin to hit above $4,900, marking its fresh all-time high (ATH). ETH is trading at an average price of $4,471 at the press time. Its 24-hour trading volume surged by 43% to stand at $31 billion.
BitMine (BMNR) is already doubling down on the frenzy. Since launching an Ethereum treasury strategy in June, it has bagged 1.79 million ETH (approx. worth $8 billion). This makes it the world’s largest Ethereum corporate holder and the second-largest crypto treasury overall, behind only MicroStrategy’s Bitcoin stash.
BitMine share price spiked by more than 520% on a YTD basis, while it ran up by 707% over the last 6 months. BMNR price dipped by 16% in the last 5 trading days as the crypto market printed red indexes all around. The share closed trading at $43.62 in the last trading session.
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