BC Technology Group, the operator of Hong Kong’s publicly listed cryptocurrency exchange OSL, has announced a substantial investment from industry player BGX. The partnership entails BGX subscribing for shares in BC Technology, amounting to an investment of approximately 710 million Hong Kong dollars ($90.1 million), as revealed in a joint announcement on November 14.
This strategic investment involves the subscription of new shares under specific mandates, pending approval by shareholders, as outlined in the announcement. The firms emphasize that this investment signifies OSL’s dedication to establishing new benchmarks in digital asset security, compliance, and technological innovation.
The BGX partnership announcement follows BC Technology’s decision to halt trading of OSL shares on the Stock Exchange of Hong Kong. Unconfirmed reports suggested a potential acquisition or investment by Bitget, an exchange that officially announced its departure from the Hong Kong market on November 13.
Reportedly, BC Technology has explored options to sell the OSL exchange, considering a valuation of $1 billion Hong Kong dollars, equivalent to $128 million.
In the joint statement, BGX positions itself as a “crypto group aiming to provide an innovative platform for institutional and retail investors to explore investment opportunities in crypto.” While the founding date remains unclear, records from March 2021 describe BGX as a “global digital currency exchange invested by SoftBank Investment.”
