South Korea's Ant Army and the Resilient Bet on BitMine's Ether Strategy

South Korea's retail investors, colloquially known as the "Ant Army," have long been a force of volatility and speculation in global markets. Driven by a relentless pursuit of high returns in a competitive property market and a culture of risk-taking, these investors have historically funneled capital into leveraged ETFs, altcoins, and now, crypto-linked equities. By late 2025, a seismic shift has emerged: the Ant Army is pivoting from direct crypto trading to equities tied to blockchain infrastructure, with BitMine's Ether (ETH) strategy emerging as a focal point of their speculative fervor.

The Great Pivot: From Crypto to Crypto-Linked Equities

The Ant Army's migration from crypto to equities is not a retreat but a recalibration. In 2025, trading volumes on South Korean crypto exchanges like Upbit and Bithumb plummeted by over 80% year-over-year, as retail investors redirected capital to the KOSPI index. AI-driven semiconductor giants such as Samsung Electronics and SK Hynix became darlings of the market, surging over 70% in 2025. However, the pivot extends beyond traditional equities. South Korean investors are increasingly favoring stocks with direct exposure to crypto infrastructure, such as BitMine Immersion Technologies, Circle, and Coinbase according to market analysis.

This shift reflects a strategic reallocation rather than a disengagement from crypto. By late 2025, crypto-related stocks accounted for 31.4% of the top 50 net-bought foreign stocks by South Korean retail investors, up from 8.5% at the start of the year. The allure lies in the dual promise of equity liquidity and crypto exposure, with BitMine's Ether strategy epitomizing this hybrid model.

BitMine's Ether Strategy: A Magnet for Retail and Institutional Capital

BitMine's approach to Ethereum has positioned it as a linchpin in the Ant Army's portfolio. As of December 2025, the firm held 4.11 million ETH-3.41% of the circulating supply-with ambitions to reach 5% of the total ETH supply, a threshold it dubs the "alchemy of 5%." This accumulation, funded by market weakness and tax-loss selling, has transformed BitMine into the largest public Ethereum treasury, valued at $13.2 billion in crypto and cash holdings.

The firm's strategy extends beyond mere accumulation. BitMine plans to stake its ETH via its proprietary validator network, the Made in America Validator Network (MAVAN), expected to launch in early 2026. At current staking yields of 2.81%, this could generate over $374 million in annual revenue according to BitMine's strategy. Such institutional-grade staking has stabilized Ethereum's market dynamics, reducing short-term selling pressure and signaling long-term confidence in the asset according to market analysis.

South Korean Retail Investors: Flocking to BitMine's ETH Hoard

South Korean retail investors have been among the most aggressive adopters of BitMine's strategy. Since July 2025, they have poured a net $259 million into BitMine shares, making it the most purchased foreign stock during that period. By December 2025, this figure had ballooned to $1.4 billion in net investments for the year. The frenzy is driven by BitMine's dual narrative: a transition from Bitcoin mining to Ethereum treasury management, and its alignment with the Ant Army's appetite for high-risk, high-reward assets according to market reports.

This retail enthusiasm is amplified by BitMine's institutional backing. Figures like ARK's Cathie Wood and Peter Thiel's Founders Fund have lent credibility to its ETH acquisition goals, mirroring the playbook of MicroStrategy but with Ethereum as the core asset. The firm's stock surged over 600% in six months, reflecting both speculative fervor and strategic conviction.