Tesla Dumped, Crypto Soars – Nuclear Frenzy, Risks Loom

● Korean investors dump Tesla for crypto treasury plays-bitmain surges

Korean Investors Dump Tesla in Favor of Bitmain (Ethereum Bet) – Data, Corporate Strategy, and Risks at a Glance

Key takeaways from today’s article:

The scale of net sales of Tesla by Korean investors in August and the meaning of their remaining holdings.
Why Tesla’s slowing sales and growth led to “profit-taking and exiting” rather than “continued holding.”
The structure, success conditions, and risks of Bitmain (transitioned to an Ethereum treasury strategy) that attracted significant Korean capital.
Timeflow (2019→2025) and checkpoints for different investment scenarios identified through Bloomberg data and corporate disclosures.
Key points not well-covered by other media: The “timing of net sales” by Korean retail investors (profit-taking at elevated prices) and the capital raising and dilution risks of the treasury strategy.

1) Current Situation (Summary of Recent Data, Sources: Bloomberg & Korea Securities Depository)

Korean investors net sold approximately $657 million worth of Tesla in August 2025. This net selling is the largest monthly volume since 2019 and continues a four-month streak of net selling. Despite this, Korean investors’ total Tesla holdings remain substantial at approximately $21.9 billion. During the same period, Korean capital saw a net inflow of approximately $253 million (about 340 billion KRW) into Bitmain, a company now transformed into an Ethereum-focused treasury strategy firm.

2) Timeflow: 2019→2025 — Changes in Korean Retail Investors’ Tesla Investment

2019-2021: Tesla’s growth story gained traction, leading Korean retail investors to become major buyers.2022: High growth maintained (sales growth rate around 50%).2023-First Half of 2025: Sales growth decelerated, with signals of contraction observed, reaching approximately -11.8% as of August 2025.April-August 2025: The stock price formed a relatively long sideways trading range (consolidation).August 2025: Despite a ~10% rise in the stock price for the month, Korean retail investors executed large-scale net sales, indicating a strong “profit-taking” sentiment.

3) Why Korean Investors Sold Tesla — Core Cause Analysis

Slowing Financial Performance (Sales): Tesla’s sales growth rate rapidly shrunk, turning into contraction in some quarters.
Limited Patience: With declining expected returns during the extended sideways market, investors opted for short-term profit realization.
Valuation & Expectation Adjustment: Future businesses like robotaxis and Optimus exist but are not yet making a significant contribution to financial statements.
Portfolio Reallocation: Capital shifted towards crypto assets such as Bitcoin and Ethereum, and related stocks, with a strong trend favoring Ethereum.

4) Bitmain’s Rapid Rise: Company Transformation & Strategy (Chronological Summary)

Previous State: Bitmain was a company focused on mining and Bitcoin-related businesses.
Post-June 2025: Declared a strategic shift, officially announcing a treasury strategy of acquiring Ethereum (ETH) with cash raised through new share issuances (rights offerings).
Result: The stock price surged due to expectations of the company’s “Ethereum holdings,” recording approximately a 700% increase over six months and a recent ~37% rise in the last month.

5) Core Mechanism and Success Factors of the Treasury Strategy

Mechanism Summary: The structure involves the company raising cash through new share issuances to accumulate Ethereum in its corporate treasury.

Success Condition 1 – Low Capital Raising Cost: The unit cost (issuance price) of cash secured through new share issuances is a critical variable.

Success Condition 2 – Ethereum Price Appreciation: The value of ETH held by the company must increase to enhance shareholder value.

Success Condition 3 – Credibility (Company Scale & Governance): Investors will accept new shares only if issued by a large, credible management team.

6) Why is Money Flowing into Ethereum (and Bitmain) Now — 5 Demand Factors

Ethereum Spot ETF Listing: Increased institutional and retail demand has expanded spot demand.
Spread of Treasury Strategies: Demand for companies to hold crypto assets in their treasuries is growing.
Improved Ethereum Network Usability: Transaction demand has increased due to Layer 2 solutions and scaling efforts.
Increasing Reliance on Ethereum for Stablecoins & DeFi: Most stablecoins pegged to the dollar, for instance, operate actively on Ethereum.
Macro Environment (Interest Rate Expectations): A favorable environment for risk assets (crypto assets) is created as expectations for interest rate cuts spread.

7) Risks of Bitmain’s Strategy (Points Often Missed by Other Media)

Risk 1 – Dilution and Capital Cost: New share issuances lead to dilution of existing shareholder equity.

Risk 2 – Dependency on ETH Price: The company’s valuation is excessively linked to the Ethereum price.

Risk 3 – Regulatory & Tax Risks: Regulatory risks associated with holding and transacting crypto assets persist.

Risk 4 – Potential Valuation Bubble: Attention from prominent investors (e.g., Peter Thiel) and media can trigger overheating.

Risk 5 – Execution Risk: The possibility that the company’s asset management and financial policies may not operate as expected.

8) Practical Checklist from an Investment Perspective (For Korean Investors)

Check 1 – Differentiate Reasons for Selling: Understand whether it’s a “stop-loss” or “profit-taking.”

Check 2 – Manage Holding Ratios: Large growth stocks like Tesla and high-volatility assets like Bitmain require different portfolio weightings.

Check 3 – Monitor Corporate Disclosures & Treasury Holdings: Keep track of ETH holdings and purchase methods (cash, new shares, debt) in Bitmain’s disclosures.

Check 4 – Verify Capital Raising Conditions: Calculate the impact of the new share issuance price and volume on long-term stock performance.

Check 5 – Track Macro & ETF Flows: Pay attention to the trend of inflows into Ethereum spot ETFs and interest rate outlooks.

9) Conclusion — Buy Now or Wait and See?

Tesla still constitutes a significant portion of Korean investors’ portfolios. However, recent selling reflects “dissatisfaction with slowing growth” and “profit-taking during a sideways market.” Bitmain benefits from treasury strategies and the Ethereum cycle, but dilution from new share issuances, company execution risks, and cryptocurrency volatility must be considered. In conclusion, “time averaging, controlled weighting, and disclosure monitoring” represent the most practical approach.

10) Key Point I Haven’t Seen Well-Covered in Media — In One Sentence

The primary reason Korean retail investors sold Tesla was “profit-taking at an appreciated price” coupled with “fatigue with the growth narrative,” and this capital did not merely flow into cryptocurrencies but was often bet on corporate treasury strategies (like Bitmain buying Ethereum with new shares).

< Summary >

Korean net sales of Tesla in August were approximately $657 million, extending a four-month selling trend.
Tesla’s slowing sales growth (e.g., -11.8%) tested investor patience, and much of the selling was “profit-taking at elevated prices.”
Bitmain rapidly emerged with a treasury strategy of acquiring Ethereum using cash raised through rights offerings, supported by Ethereum spot ETFs, stablecoins, network improvements, and interest rate expectations.
However, risks such as dilution from new share issuances, dependency on ETH prices, regulation, and governance risks must be carefully reviewed.
Investment practice hinges on weighting management, disclosure monitoring, and time-averaged trading.

[Related Articles…]

*Source: [ 내일은 투자왕 – 김단테 ]

– Koreans are selling Tesla stock at record levels and buying it.

● US Nuclear Boom- SMRs, AI Data Centers- Oklo, NuScale- Valuation, Grid Risks- Investor Checklist

US-Originating ‘Nuclear Power Stock Frenzy’ — True Investment Value — In-Depth Analysis Focusing on Oklo & NuScale (Including SMR, AI Data Center, Valuation, Regulatory & Grid Risks)

The core points discussed in this article are:

A chronological breakdown of why US policy has suddenly highlighted the nuclear power and SMR sectors.

Analysis of the differences in business models between Oklo and NuScale Power and their actual revenue conversion potential.

Hidden risks not often covered by the market — grid connection, manufacturing scale-up bottlenecks, capital raising & dilution possibilities, etc.

The substantive link, and its limitations, between Nvidia/AI data center demand and nuclear power (especially SMRs).

From practical investment checklists and scenario valuations to phased trading and hedging strategies.

1) The Background of Nuclear Power’s Resurgence, Viewed Chronologically — Key Issue Timeline

Following the Three Mile Island accident in 1979, the US virtually halted new nuclear power plant licensing, leading to a long period of anti-nuclear sentiment.

In the 2010s, nuclear power began to be re-evaluated due to energy costs and carbon issues.

The Biden administration (2021~) accelerated SMR (Small Modular Reactor) commercialization through SMR development, R&D, and incentives (Infrastructure Investment and Jobs Act, Inflation Reduction Act).

By 2025, the Trump administration, through executive orders, shortened new nuclear plant licensing times (guidelines of 18 months for new, 12 months for extensions) and proposed a goal of building 300 plants over 25 years, accelerating the ‘nuclear renaissance’.

Around the same time, Nvidia’s earnings announcements highlighted the reality of surging power demand driven by AI data centers, bringing nuclear power back into focus as a practical power solution.

2) Oklo vs. NuScale — Business Model & Monetization Timeline Comparison

Oklo is a company focused on SMR ‘design and customized integrated solutions’.

Oklo’s revenue streams consist of design licenses, consulting, and initial pilot contracts, with commercial operation planned for the late 2020s to early 2030s.

NuScale operates on a manufacturing and supply model, focusing on module production and delivery based on NRC design approval.

NuScale is already recording small-scale revenues and contracts, and is considered to have higher potential for revenue conversion.

The market prices Oklo’s PBR (Price-to-Book Ratio) higher than NuScale’s (e.g., 36.79x 12-month PBR vs. 26.3x), reflecting a premium for expectations.

3) The Gap Between Valuation and Actual Monetization — Key Metrics Investors Must See

The current stock price surge is explained by an ultra-fast rally over one year (Oklo ≒ 700%, NuScale ≒ 400%).

However, it’s crucial to differentiate whether this rise is based on speculative expectations for future cash flows or grounded in actual order bookings and revenue conversion potential.

Key metrics include the timing of NRC (Nuclear Regulatory Commission) design approval and operating licenses, confirmed order pipelines, manufacturing CAPEX execution plans, and the performance of the first commercial operation (FoAK).

For valuation, a scenario-based discounted cash flow (DCF) approach is recommended — calculate the gap with market prices by categorizing into Bear (license failure/delayed approval), Base (approval & initial commercialization success), and Bull (mass production & global orders) scenarios.

4) ‘Hidden Variables’ Not Widely Reported, Yet Critically Influential

Grid connection bottlenecks: AI data center demand is geographically concentrated, and if SMRs are not installed nearby, transmission line upgrades become essential.

Transmission line upgrades can take longer or incur significantly higher costs than licensing, directly impacting project economics.

Manufacturing and scale-up risks: SMRs are designed for modular production in factories, but defects or quality issues in the first mass production lines can lead to delivery delays and cost increases.

Supply chain vulnerabilities: Key components (steam generators, control systems, special alloys) are concentrated among a few suppliers, amplifying schedule and cost risks if bottlenecks occur.

Capital raising and dilution risks: Long periods of fixed costs and large CAPEX requirements mean a high possibility of dilution for existing shareholders if funding is raised through equity.

Insurance, liability, and waste issues: High costs and political backlash in case of accidents, and the approach to radioactive waste disposal, can significantly impact profitability depending on local politics.

Policy risks and political volatility: Executive orders and legislation can change rapidly, and conflicting interests between federal and state governments can slow down execution.

5) Realistic Limitations of the ‘Connection Argument’ with Nvidia & AI Data Centers

Nvidia executives have pointed to AI data centers dramatically increasing power demand and mentioned nuclear as a key power source.

However, AI data centers prefer ‘low-latency, proximate power,’ making nuclear power (especially large plants in remote locations) not necessarily the optimal solution.

While SMRs have the advantage of being deployable in smaller scales near data centers, issues of site selection, regulation, local permits, and policy acceptance remain.

In conclusion, while AI demand can act as a catalyst for nuclear and SMR demand, it’s not an ‘automatic linkage’ — the combination of PPAs (Power Purchase Agreements), power transmission, and local regulations will be key.

6) Investment Framework — Specific Checklist and Signals

Phased Checklist:

1) NRC design approval & operating license acquisition (milestones).

2) Confirmation of long-term orders or PPA agreements.

3) Manufacturing facility (factory) operating rates and quality stability indicators.

4) Project-specific funding methods (cost sharing, government subsidies, tax credits).

5) Plans for regional grid upgrades and cost-sharing structures.

Key Monitoring KPIs:

— NRC approval pipeline (Design Package acceptance & review completion status).

— Performance and operation reports of commercial pilot nuclear plants.

— Order pipeline (including FOAK) amount and delivery timelines.

— Revenue composition (license, design, manufacturing, services) trends.

7) Risk Management and Investment Ideas — Position Sizing & Hedging

Investment Strategy Proposals:

Short-term traders: Sensitive to news and policy momentum, swing trades can be conducted around short-term events (approvals, earnings, contracts).

Medium to long-term investors: Limit portfolio allocation based on scenario valuations (e.g., recommend position sizes of 1-3% per company relative to legacy energy/tech holdings).

Hedging strategies: Protect downside risk with options (puts), or diversify through related technology, component suppliers, and utility stocks.

Consider M&A potential: Startups with overvalued technology may be acquired by large defense or engineering firms, allowing for event-driven profit pursuit.

8) The Gap Between Wall Street Views and Reality — Fundamental Factors Investors Easily Miss

Wall Street analysts often set target prices based on AI power demand and policy momentum, but licensing, process risks, and grid/supply chain issues are sometimes not sufficiently factored in as discounting factors.

Simple multiples like PBR or EV/Sales can be misleading for companies with significant long-term, non-cash value like SMRs.

Investors must separate ‘momentum-based premiums’ from ‘actual cash flow conversion potential’ when making investment decisions.

9) Practical Trading & Monitoring Timeline — When to Buy and Sell

Phase 1 (Prudent Observation): Until NRC design approval, event risks are high, so limit new purchases.

Phase 2 (Partial Betting): Gradually enter positions upon NRC design approval and the announcement of the first confirmed order.

Phase 3 (Expansion or Re-evaluation): Consider increasing positions once the first commercial operation (FOAK) is successfully reported and revenue conversion signals are confirmed.

Profit-taking/Stop-loss rules: Take partial profits at 30-50% return from the initial entry price; if approvals are delayed but financial indicators worsen, adhere to a 20-30% stop-loss guideline.

10) Conclusion — Is It ‘Buy’ or ‘Research’ Time?

The nuclear power and SMR sectors have strong upward momentum driven by policy and AI power demand.

However, the current stock prices already reflect a significant portion of optimism, requiring a phased approach and strict risk management for general retail investors.

NuScale, with its relatively higher potential for revenue conversion, may be more attractive from a ‘risk-adjusted return’ perspective.

Oklo carries a higher premium for its technology and future growth potential and is considered a long-term, speculative bet.

Ultimately, investment decisions should be approached cautiously until three tangible signals are confirmed: ‘policy/regulatory milestones,’ ‘order conversion,’ and ‘factory operation/quality.’

Investor’s Ready-to-Use Checklist (Summary)

1) Confirm NRC design approval and operating license progress.

2) Verify the amount of confirmed orders/PPA contracts and their relative proportion.

3) Check for manufacturing/supply chain partners’ contracts and securing of resources.

4) Assess the company’s cash reserves and funding plans (dilution risk).

5) Examine plans for regional grid upgrades and cost-sharing structures.

Finally — The ‘Most Important Point’ Not Covered by Other News

Many reports emphasize only the combination of ‘policy’ and ‘AI demand,’ but actual commercialization success hinges on on-site power infrastructure (grid), manufacturing quality (first factory line FFTA), and confirmed long-term contracts (PPAs or power sales agreements).

In other words, policy momentum ‘lowers the hurdle,’ but the actual project economics are created by a combination of traditional infrastructure, manufacturing, and contracts.

The key point that most media outlets overlook is that until these three ‘real indicators’ show positive signals, investors should prioritize ‘probability-based phased buying’ and ‘hedging’ over ‘momentum betting’.

< Summary >

A strong momentum has emerged in the nuclear power and SMR sectors, driven by the convergence of US policy (executive orders, tax incentives) and AI data center power demand projections.

Oklo focuses on design/technology, while NuScale excels in manufacturing/delivery, making their investment profiles different.

Current stock prices reflect significant optimism, necessitating a phased and conservative approach until tangible indicators in licensing, orders, manufacturing, and grid infrastructure are confirmed.

Investment Checklist: Prioritize checking NRC approvals, confirmed orders/PPAs, factory/supply chain status, funding situation, and grid upgrade plans.

[Related Articles…]

AI and Power: Data Center Power Issues and the Role of Nuclear Energy

Investment Opportunities and Risks in the SMR Industry Ecosystem

*Source: [ Maeil Business Newspaper ]

– The US-created “nuclear power stock craze”: An analysis of its true investment value [Hong Ki-ja’…