South Korean Retail Sells Tesla, Buys Bitcoin Miner BitMine Holding $3.6 Billion in ETH
- South Korean retail investors sold a net $657 million of Tesla stock in August in a major capital rotation
- The main beneficiary was BitMine, a Bitcoin miner that saw $253 million in net inflows from Korean traders
- BitMine used the funds to grow its ETH treasury by 410%, now holding over 833,100 ETH worth $3.6 Billion
South Korea’s massive army of retail investors is dumping Tesla stock and rotating that capital directly into crypto.
Data for August shows a record $657 million sell-off of Tesla shares by Korean investors, with a huge portion of that cash flowing into an aggressive, Ethereum-focused mining company, BitMine Immersion Technologies.
The Great Rotation: Tesla Out, Crypto In
Despite once being among Tesla’s most loyal investor groups, South Korean traders are now reallocating capital into alternative markets. Tesla still remains the top foreign stock held by the group, with approximately $21.9 billion in holdings. Nvidia and Palantir Technologies followed as distant second and third choices.
How much Tesla stock was sold?
The leveraged exchange-traded fund TSLL, which offers double exposure to Tesla, also recorded its highest monthly …
The post South Korean Retail Sells Tesla, Buys Bitcoin Miner BitMine Holding $3.6 Billion in ETH appeared first on Coin Edition.
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Crypto’s Deepest Pockets Are All Making the Same Bet Right Now – Ethereum
South Korean Retail Sells Tesla, Buys Bitcoin Miner BitMine Holding $3.6 Billion in ETH
- South Korean retail investors sold a net $657 million of Tesla stock in August in a major capital rotation
- The main beneficiary was BitMine, a Bitcoin miner that saw $253 million in net inflows from Korean traders
- BitMine used the funds to grow its ETH treasury by 410%, now holding over 833,100 ETH worth $3.6 Billion
South Korea’s massive army of retail investors is dumping Tesla stock and rotating that capital directly into crypto.
Data for August shows a record $657 million sell-off of Tesla shares by Korean investors, with a huge portion of that cash flowing into an aggressive, Ethereum-focused mining company, BitMine Immersion Technologies.
The Great Rotation: Tesla Out, Crypto In
Despite once being among Tesla’s most loyal investor groups, South Korean traders are now reallocating capital into alternative markets. Tesla still remains the top foreign stock held by the group, with approximately $21.9 billion in holdings. Nvidia and Palantir Technologies followed as distant second and third choices.
How much Tesla stock was sold?
The leveraged exchange-traded fund TSLL, which offers double exposure to Tesla, also recorded its highest monthly …
The post South Korean Retail Sells Tesla, Buys Bitcoin Miner BitMine Holding $3.6 Billion in ETH appeared first on Coin Edition.
Read More