Domestic investors' valuation of U.S. stocks has reached an all-time high, riding the investment fever for cryptocurrency-related stocks. This is noteworthy as indirect investment in virtual assets shifts interest in the U.S. stock market towards specific industries.
According to the Korea Securities Depository, the value of U.S. stocks held by domestic investors as of August 12, 2025, reached $137.7 billion (approximately 190.5 trillion won). This represents a 22.7% increase from $109 billion at the beginning of the year, setting a new record. The statistics reveal that retail investors continue to purchase U.S. stocks, with their investment focus concentrated on digital asset themes.
Interestingly, among the top 10 U.S. stocks purchased by domestic investors in the past month (July 14 - August 13), three are virtual asset-related companies. The top spot is Bitmain, a cryptocurrency mining and investment business, with net purchases of approximately $292 million. Sharplink Gaming and Coinbase, a prominent cryptocurrency exchange, ranked 7th and 8th, respectively. These companies share a common characteristic of having deep connections to the cryptocurrency market through Ethereum holdings and utilization strategies.
The current reality of not allowing direct virtual asset investment products like ETFs in Korea is also driving demand for U.S. stocks. Particularly, as Ethereum's utility increases, the movement to legalize stablecoins in the U.S. is raising expectations for Ethereum's market value. Standard Chartered Bank recently significantly raised its year-end Ethereum price forecast to $7,500.
However, experts are warning against blindly following digital assets, advising a cautious approach considering their volatility and technological development speed. This is because some stablecoins are operating on blockchain networks other than Ethereum, gradually forming a competitive landscape.
Simultaneously, the domestic stock market is gradually regaining vitality with investment fund inflows. According to the Korea Financial Investment Association, investor deposits as of the second week of August were 67.8 trillion won, slightly increasing from the previous week, and the credit transaction loan balance, reflecting stock market rise expectations, exceeded 22 trillion won. While CMA balances significantly increased to 86.8 trillion won, MMF showed a slight decrease.
This trend may continue depending on changes in domestic regulatory environments and the performance of virtual asset-related companies in the U.S. stock market. Particularly, the legalization of virtual asset products in Korea and policy changes related to the digital economy in the U.S. are expected to be crucial variables in investment direction.
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