South Korean retail investors are providing crucial support for Ethereum treasury companies, according to Jan3 CEO Samson Mow. The Bitcoin technology executive claims approximately $6 billion in Korean retail capital is sustaining Ethereum treasury valuations as the asset trades 7 % below its all‑time high.
Mow stated that Ethereum promoters have been traveling to South Korea to market treasury companies as the next Strategy‑style play. He warned that many Korean investors lack understanding of the ETH/BTC performance chart and may face losses if the trend reverses.
Data shows 67 entities collectively hold 5.49 million Ethereum, representing 4.5 % of total supply and valued at roughly $25 billion. South Korean exchanges Upbit and Bithumb dominate local trading activity, with Upbit ranking 10th globally for Ethereum futures volume at $1.29 billion weekly.
The Kimchi premium indicator, which measures price differences between Korean and international exchanges, rose to 1.93 on Sunday from negative 2.06 in July. This metric signals growing demand from South Korean retail traders for Ethereum exposure.
RedStone co‑founder Marcin Kazmierczak countered that Korean retail represents only a fraction of Ethereum’s momentum. He emphasized the network’s diverse capital base includes substantial U.S. institutional investment through ETFs, corporate treasuries, and the DeFi ecosystem that relies on Ethereum.
Mechanism Capital founder Andrew Kang previously questioned Ethereum treasury sustainability in September. He argued that Ethereum valuation stems primarily from speculative enthusiasm rather than fundamental value accrual from stablecoins and real‑world asset tokenization.
The Ethereum/BTC ratio has declined over 5 % in the past year, reinforcing concerns about relative performance. Kang suggested Ethereum’s long‑term trading range could remain between $1,000 and $4,800 without major fundamental improvements to the network’s economics.
Kazmierczak maintained that Ethereum’s strength lies in its borderless nature, combining both Korean retail participation and global institutional adoption. The debate highlights ongoing questions about corporate treasury models focused on Ethereum versus Bitcoin accumulation strategies.