South Korean retail investors have poured more than $12 billion into U.S.-listed cryptocurrency companies in 2025, reflecting a strong appetite for digital assets despite regulatory uncertainty and market volatility. According to data from 10x Research, this surge is reshaping global capital flows and signals a shift in investment patterns, as younger investors increasingly view crypto stocks as a mainstream avenue for long-term growth.
Among the most actively traded shares are Bitmine, Circle Internet Group, and Coinbase, with August purchases alone totaling hundreds of millions of dollars—$426 million in Bitmine, $226 million in Circle, and $183 million in Coinbase. Retail investors also placed $282 million into a 2x Ethereum ETF, illustrating a broader trend of South Koreans expanding their crypto-related portfolios beyond direct cryptocurrency holdings.
Data shows that over 10,000 South Korean investors now hold digital assets valued at more than 1 billion won ($750,000), with the largest number of high-net-worth crypto holders active on Upbit, the country’s leading cryptocurrency exchange. On average, these investors possess 2.23 billion won in digital assets, while 20-somethings—though the smallest age group—hold the highest average of 2.69 billion won each. This highlights a generational shift in risk appetite, with younger investors taking the lead in adopting digital assets.
The surge in retail trading has been supported by regulatory reforms under the Lee Jae-myung administration, which has identified digital asset development as a key national priority. Recent measures include easing restrictions on institutional crypto investments and preparing for the approval of the first spot cryptocurrency exchange-traded funds (ETFs) in South Korea. Additionally, crypto trading firms have been reclassified as “venture companies,” unlocking tax benefits and financial incentives previously unavailable to the sector.
Stablecoins are also being incorporated into the country’s regulatory agenda, with authorities emphasizing their role in real-world financial transactions, cross-border payments, tokenized securities, and remittances. Unlike ETFs, which are investment instruments, stablecoins are being developed as settlement mechanisms, following international precedents such as the U.S. Genius Act, which stresses reserve transparency and operational stability.
South Korean retail investors are also strategically diversifying their portfolios by increasing stakes in U.S.-listed crypto firms. This year alone, they purchased over $12 billion in shares of companies such as Bitmine, Circle, and Coinbase, and invested $282 million in a 2x Ethereum ETF. The bullish trend reflects a broader view that U.S.-listed crypto companies represent high-growth opportunities, especially after large transactions like Bullish’s $1.15 billion IPO, settled entirely in stablecoins.
Despite falling stock prices driven partly by the U.S. Federal Reserve’s delayed interest rate cuts, investor demand remains strong. Bitmine, for example, saw its share price drop nearly 68% from its June IPO peak of $135 to $43.62 in recent weeks, while Circle fell from $263.45 to $131.98. Nonetheless, South Korean retail investors continue to buy aggressively, with $96.87 million in Bitmine and $32.44 million in Circle purchased in a five-day period starting August 25, according to the Korea Securities Depository.
10x Research notes that momentum trading dominates the South Korean crypto market, with trends shifting quickly. While some stocks have sharply corrected, such as Circle and KakaoPay, the research firm observes that many investors remain committed to following prevailing market trends, demonstrating strong confidence in the sector’s long-term potential.
Overall, the active participation of younger investors, coupled with regulatory support and exposure to U.S. crypto equities, positions South Korea as an influential player in the global digital asset landscape. Analysts suggest that continued engagement in crypto equities and ETFs could further solidify the country’s role as a hub for both innovation and capital flow in the rapidly evolving crypto economy.
