Crypto-Related Stocks in Asia See Volatile Trading Amid Bitcoin Recovery

Traditional market investors risked off publicly traded companies related to the crypto sector amid a drop in prices this week.

AccessTimeIconMay 13, 2022 at 7:30 a.m. UTC
Updated May 13, 2022 at 4:31 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Bitcoin (BTC), ether (ETH) and Terra’s LUNA weren’t the only major assets where investors faced losses this week as the broader crypto market lost as much as 16% of overall capitalization on Thursday alone.

Earlier this week, bitcoin fell amid inflation concerns and contagion risks from TerraUSD's (UST), a stablecoin pegged to U.S. dollar, freefall. Bitcoin fell to as low as $24,000 on Thursday morning before a slight recovery overnight.

This risk-off reaction caused stocks of crypto-related companies to tank. Japan’s Monex (8698) ended the day 10% below its open on Thursday, as did Hong Kong’s OKG Technology Holdings (1499), which runs blockchain explorer OKLink and provides custodial services for cryptocurrencies. Hong Kong-listed BC Technology Group (0863) was down 15% on Friday morning.

BC Technology Group, which runs several businesses, is the parent of crypto brokerage and lending company OSL. Monex owns crypto exchange Coincheck and trading platform TradeStation, among other businesses.

Monex and OKG saw some nominal recovery later on during the trading session, rising over 1% as bitcoin added 13.5% to regain the $30,000 price level.

Elsewhere, shares of Hong Kong’s Meitu (1357) gained 1.1% on Friday after a brief slide on Thursday. The software company purchased over $100 million in bitcoin and ether in 2021.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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