'Seohak Ants' Top Pick Coinbase Drops 15% in One Week

Coinbase Net Buys of 89 Billion Won in a Week Surpass Tesla

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] As cryptocurrency prices plummet, stocks related to Coinbase and other companies heavily purchased by domestic investors are showing weakness.

According to the Korea Securities Depository on the 25th, domestic investors made net purchases worth $79 million (approximately 88.3 billion KRW) after Coinbase, the largest cryptocurrency exchange in the U.S., was listed on the 14th (local time). The total purchase settlement amount was $139.46 million (155.9 billion KRW), while the sales settlement amount was $64.5 million (6.76 billion KRW). During this period (settlement basis from the 19th to the 23rd), Coinbase ranked first in net purchases by domestic investors among overseas stocks, surpassing Tesla's net purchase volume.

However, with Coinbase's stock price continuing to decline for five consecutive trading days until the 23rd, concerns are rising over losses for domestic investors. After closing at $342 on the 16th, the stock ended at $291.60 on the 23rd, marking a 14.7% drop over the week. The sharp decline in cryptocurrency prices such as Bitcoin is also believed to have weakened investor sentiment toward related stocks.

Stocks of Riot Blockchain ($4.83 million / 5.3 billion KRW) and MicroStrategy ($3.76 million / 4.2 billion KRW), which domestic investors heavily purchased the day before Coinbase's listing, are also on a downward trend. During the same period, Marathon Digital Holdings fell 17%, while Riot Blockchain and MicroStrategy dropped 14% and 11%, respectively. Marathon Digital Holdings and Riot Blockchain are cryptocurrency mining companies, and MicroStrategy actively purchases Bitcoin, thus they are classified as related stocks.

In the domestic stock market, shares of cryptocurrency-related companies are also declining. Wooree Tech Investment, which holds a partial stake in Dunamu, fell 16.5% over the past week, and Vidente, which owns shares in Bithumb Korea, dropped 16.4%. All of these stocks had sharply risen in a short period earlier this month due to the rapid surge in cryptocurrency prices and the Coinbase listing effect. Additionally, Galaxia Moneytree and Danal, which provide cryptocurrency payment services, each saw a slight decline of about 2%.

This content was produced with the assistance of AI translation services.