A recent interesting phenomenon has made headlines in the financial sector— a publicly listed company primarily accumulating Ethereum has become the most favored overseas stock among Korean investors this year, ranking just below Alphabet, Google's parent company.

According to data from the Korea Securities Depository, this company, led by Wall Street analyst Tom Lee, ranks second on the list of Korean investors' preferred overseas securities in 2025. This reflects a larger trend—how enthusiastic Korean retail investors are about crypto assets.

Speaking of the investment style of Korean retail investors, they are known for their risk-taking. They are not only fond of leading cryptocurrencies like Bitcoin and Ethereum but also prefer to bet on smaller coins with high volatility and potential. This year, a particularly popular new investment tool has emerged—digital asset treasury companies. The operating logic of these listed companies is simple: acquire large amounts of cryptocurrencies to increase company value, allowing investors to indirectly hold crypto exposure.

Another excellent example is right in front of us. This company originally engaged in Bitcoin mining but suddenly announced a shift to become an Ethereum treasury company in mid-year, immediately attracting the attention of billionaires like Peter Thiel and institutions such as Ark Invest. Its stock price surged over 3000%, peaking on July 3rd. The success of this transformation precisely demonstrates how strong the current market’s appetite for crypto asset allocation is.