South Korean retail investors have recently been selling their shares in major tech companies including Tesla and Alphabet, redirecting their investments towards Ethereum-related stocks, according to The Korea Economic Daily, based on Korea Securities Depository data.
Tesla, once top-ranked in purchases by Korean retail investors, saw approximately 1 trillion won ($721.6 million) sold off in the past month. Similarly, Alphabet and Apple shares were also heavily sold, with Alphabet seeing net sales of 230 billion won ($166 million) and Apple 300 billion won ($216 million), respectively.
Locally known as “seohak ants,” these investors represent retail participants focusing on foreign stocks, with “ants” highlighting their small individual stakes but collective large presence compared to institutional investors.
Data show that seohak ants invested about $269 million last month in BitMine, a company specializing in Bitcoin mining and holding the largest stake of Ethereum publicly listed. This marks a significant shift in investment preferences toward crypto treasury firms.
Among the top seven net-buy stocks, excluding ETFs, half were crypto-related companies including Coinbase, Robinhood, and Sharplink Gaming, the second-largest public Ethereum holder. The value of Ethereum in public company treasuries has surged, influenced by successful Bitcoin treasury strategies popularized by entities like MicroStrategy.
Currently, 18 public companies collectively hold nearly 1.88% of Ethereum’s circulating supply, reflecting rising institutional interest in cryptocurrency assets.
Vietnam’s Military Bank to Launch Cryptocurrency Exchange
Vietnam’s Military Bank (MB Bank), founded under the Ministry of National Defense, plans to launch its own regulated cryptocurrency exchange with technical support from South Korean crypto firm Dunamu, operator of Upbit Exchange.
This initiative could establish Vietnam’s first legally compliant crypto exchange as the country advances crypto regulatory frameworks following recent legislation recognizing virtual and crypto assets.
Thailand Tightens Regulations on Crypto “Mule Accounts”
The Thai Securities and Exchange Commission has introduced stringent regulations targeting “mule accounts” – accounts used in financial scams and money laundering. Crypto firms must now enforce Know Your Customer (KYC) protocols, monitor suspicious accounts, and collaborate with law enforcement.
These measures place shared responsibility on crypto exchanges and related entities to prevent misuse, with significant penalties for violations including fines and imprisonment, underscoring Thailand’s commitment to tech crime reduction within its financial ecosystem.
Ant Group Refutes Yuan Stablecoin Partnership Rumors
Ant Group, a leading Chinese tech company, denies rumors of collaborating with the People’s Bank of China and China Rare Earth Group to issue a yuan-pegged rare-earth-backed stablecoin. Despite rising interest in stablecoins and regulations in Hong Kong, no official plans have been confirmed.
Chinese regulators have recently called for a halt on stablecoin research and promotion, indicating cautious oversight despite the stablecoin enthusiasm among academia and industry.
