Korea Rotates $657M Tesla to BitMine’s $3.6B ETH Treasury
In August, South Korean retail traders executed a record $657 million sell-off of Tesla shares, reallocating capital into cryptocurrency markets. The leveraged Tesla ETF TSLL saw a $554 million withdrawal, reflecting broader U.S. stock outflows. BitMine Immersion Technologies, an Ether-focused Bitcoin miner, emerged as the primary beneficiary, attracting $253 million in net inflows and boosting its ETH holdings by 410.68% to 833,100 ETH. At $4,410 per ETH, BitMine’s ETH treasury now stands at approximately $3.6 billion, making it the largest corporate Ether holder worldwide. Ethereum co-founder Vitalik Buterin praised ETH treasury builders but cautioned against excessive leverage to avoid liquidation cascades. This capital rotation underscores growing retail interest in crypto assets and highlights BitMine’s ETH treasury as a key indicator of institutional confidence in Ethereum.
Bullish
The reallocation of $657 million from Tesla into BitMine’s ETH treasury signals strong bullish sentiment in Ethereum, as record net inflows underpin demand. Historic parallels, such as MicroStrategy’s Bitcoin acquisitions, show large corporate reserves can drive price rallies. In the short term, continued ETH accumulation may spark upward price momentum, especially with limited supply. Over the long term, sustained treasury growth enhances network confidence and liquidity, although Vitalik Buterin’s caution on leverage could temper excessive risk-taking. Overall, robust institutional and retail interest in ETH suggests a bullish market outlook.