BC Technology Group, the operator of the Hong Kong-listed cryptocurrency exchange OSL, has unveiled a significant investment from the industry firm BGX. In a joint announcement on November 14, BC Technology revealed its partnership with BGX, which has agreed to invest around HK$710 million (US$90.1 million) in shares of BC Technology, pending shareholder approval, through the subscription of new shares under a specific mandate.
The strategic investment, subject to the green light from shareholders, emphasizes OSL's dedication to establishing elevated standards in digital asset security, compliance, and technological innovation. OSL had notably become one of the initial cryptocurrency exchanges to secure a Hong Kong cryptocurrency license in 2023. The announcement of the BGX partnership followed BC Technology's decision to halt the trading of OSL shares on the Hong Kong Stock Exchange. Reports emerged, although unconfirmed, suggesting that OSL might have been acquired or received investment from Bitget, which officially announced its exit from the Hong Kong market on November 13.
There have been deliberations within BC Technology, the operator of OSL, regarding the potential sale of the OSL exchange for approximately HK$1 billion (about $128 million). BGX, in a joint statement, describes itself as a "cryptocurrency group aiming to offer an innovative platform facilitating investment opportunities in cryptocurrencies for both institutional and retail investors." The exact founding date of BGX remains unclear. In an archived snapshot from March 2021 found on the Wayback Machine, BGX was depicted as a "global digital currency exchange backed by SoftBank Ventures."
