Korean Retail Investors Net Buy 4 Trillion Won in US Stocks in September
Coin Mining Companies Like Bitmain Top the List
As the US stock market continues its record-breaking rally, it has been revealed that Korean retail investors purchased over 4 trillion won worth of US stocks in net purchases just last month.
According to the Korea Securities Depository's SEIBro portal on October 8, domestic individual investors bought approximately $3.1842 billion (about 4 trillion won) worth of US stocks in September 2025, marking three consecutive months of net buying. This stands in stark contrast to the trend in the Korean stock market, where retail investors sold off 10.7 trillion won worth of shares last month alone, recording five straight months of net selling.
As the 'Buy America' trend among Korean retail investors continues to spread, their assets have ballooned. Last month, their holdings in US stocks reached $155.53656 billion (about 219 trillion won), surpassing the 200 trillion won mark for the first time ever. This record-high has been renewed for five consecutive months since May 2025.
Despite the US federal government shutdown and tariff risks, the US stock market has continued to hit new highs, led by technology stocks related to artificial intelligence (AI), fueling investor sentiment. In particular, Nvidia spearheaded the rally, becoming the first company in the world to surpass a market capitalization of $4.5 trillion (about 6,332 trillion won) at the end of last month.
Oh Hanbi, a researcher at Shinhan Investment & Securities, explained, "Although there are several macro variables such as the US government shutdown and slowing employment, for now, these factors are not having a significant impact on the US stock market." He added, "While stocks related to nuclear power, quantum computing, and rare earths are taking a breather, there is active theme rotation into sectors such as robotics, cryptocurrency, and aerospace."
This theme rotation unfolding in the US stock market is also evident in the portfolios of Korean retail investors. The stock most heavily purchased by individuals in September 2025 was Bitmain Immersion Technology, with net purchases amounting to $308.5 million (about 434.1 billion won). Bitmain is the world's largest Ethereum-holding crypto mining company and a newcomer that debuted on the American New York Stock Exchange in June 2025.
The second most purchased stock was Iris Energy ($260.84 million). Dubbed the 'second Palantir,' this company has attracted market attention with its Bitcoin mining using renewable energy and its AI cloud business, with its stock price soaring over 380% compared to the beginning of the year. As the 'Genius Bill,' which incorporates stablecoins into the institutional framework, passed the US Congress and news spread of large investments by prominent figures such as Cathie Wood, CEO of Ark Invest, cryptocurrency-related stocks have come to dominate the portfolios of Korean retail investors.
However, the market sentiment regarding the US stock market and Korean retail investors is mixed, with both optimism and caution prevailing. While it is clear that AI infrastructure investment is currently a key driver of the US economy, there are growing concerns about an AI bubble, as fatigue from rapid short-term gains accumulates. In particular, many of the cryptocurrency-related stocks that Korean retail investors have concentrated on are highly volatile, which adds to the uncertainty.
Kim Seonghwan, a researcher at Shinhan Investment & Securities, pointed out, "The US stock market is meeting most of the preconditions for a classic bubble based on past experience," adding, "Given the recent strength in themes such as neo-cloud, nuclear power, hydrogen, quantum, and network equipment, it would not be surprising to see sudden profit-taking from a technical perspective." He noted that, since the current trajectory of the US stock market closely mirrors that of the dot-com bubble era, a correction could occur around the end of the year or early next year.
Nevertheless, Kim emphasized, "Debate over the US economy has continued throughout this year, but there is no other country showing as strong earnings momentum as the US stock market." He added, "Both the improvement in fundamentals and liquidity conditions are positive, and with ample potential buyers, there is a high likelihood of a continued robust rally through November." He suggested a projected S&P 500 range of 6,300 to 7,000 for the fourth quarter.
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