Just as Bitcoin plummeted 12% over the last week, shares in East Asian companies with ties to crypto are also feeling the heat.

Recent months have seen a slew of listed Japanese companies follow Metaplanet’s lead into the Bitcoin treasury business.

Now, bearish crypto forces are dragging their share prices down by roughly 10% over the last five days.

Japanese treasury firms bruised

So far, the carnage has been cast wide and includes Bitcoin Japan, formerly Marusho Hotta.

The firm, a 164-year-old kimono and textiles producer, this month completed a crypto-themed rebrand after it was acquired by the US-based crypto custody provider Bakkt.

Its timing, it appears, could not have been worse.

Bitcoin Japan’s share prices have dropped by nearly 60% over the past five days.

Another big loser on the Tokyo Stock Exchange is the video game developer Gumi, which this year committed itself to a Bitcoin-buying business model.

Gumi’s share prices have dropped by over 12.5% since the end of last week.

Even some of the Japanese crypto industry’s heaviest hitters appear to have felt the impact of tumbling crypto prices.

SBI Holdings, a close partner of the US-based Ripple and the owner of the Japanese crypto exchange SBI VC Trade, saw its share price drop 13.6% over the past five days.

Monex Group, the securities giant and operator of the Coincheck crypto exchange, also recorded a 5% fall.

And even conglomerates for whom crypto is only a small part of their business operations have not escaped. Rakuten Group, which operates the Rakuten Wallet exchange, saw its share prices fall by over 12% in the past five days.

By contrast, the Nikkei 225, the index of the Tokyo Stock Exchange’s leading shares, fell by 4.85% in the same period.

South Korea feels the pinch

In South Korea, the picture is more nuanced. No South Korean crypto firm has yet gone public, despite the crypto exchange Bithumb’s stated intention to debut on the NASDAQ exchange next year.

Share prices in T Scientific, which holds shares in Bithumb and invested in the Hanbitco exchange in 2022, fell gradually from November 13 to November 18, before recovering 0.12% on November 19.

The tech investor Hanwha Investment & Securities, which owns shares in Dunamu, the operator of the Upbit crypto exchange, has seen its share prices fall by almost 10% in the same period.

That’s almost double the 5.21% fall experienced by the KOSPI, the index of all common shares issued on the Korea Exchange.

Shares in Woori Technology Investment, another tech investor and Dunmau shareholder, have lost over 12% of their value over the past five days.

Equity markets are down in many parts of the world. But for crypto enthusiasts, the crash has been particularly steep.