Hong Kong-based BC Technology Group, the operator of the publicly listed cryptocurrency exchange OSL, has announced a significant investment.
Hong Kong-based BC Technology Group, the operator of the publicly listed cryptocurrency exchange OSL, has announced a significant investment of approximately 710 million Hong Kong dollars ($90.1 million) from industry firm BGX. The partnership involves BGX subscribing for shares in BC Technology under a specific mandate, pending approval by shareholders.
This strategic investment is seen as a testament to OSL's commitment to establishing new standards in digital asset security, compliance, and technological innovation. OSL was one of the early cryptocurrency exchanges to secure a Hong Kong crypto license in 2023.
The announcement follows BC Technology's decision to temporarily halt trading of OSL shares on the Stock Exchange of Hong Kong, fueling speculation of a potential acquisition or investment. Unconfirmed reports suggested a connection to Bitget, an exchange that recently announced its exit from the Hong Kong market.
BC Technology has reportedly explored the possibility of selling the OSL exchange for HKD 1 billion ($128 million). BGX, described as a "crypto group" aiming to provide an innovative platform for institutional and retail investors in crypto, plans to contribute to OSL's growth and development.
This comes as Hong Kong is considering Bitcoin assets under its investment immigration scheme, as Hong Kong seeks to establish its status as a crypto and web3 hub.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
