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Data: Yahoo! Finance; Chart: Axios Visuals

Hong Kong's BC Technology Group (Hong Kong: 0863) is considering a sale of its crypto exchange OSL at a HK$1 billion (~$128 million) valuation, Bloomberg reports.

Why it matters: Despite being one of the only licensed exchanges to operate in Hong Kong, crypto trading volume remains weak for OSL.

Context: OSL offers prime brokerage, exchange and crypto custody services, while providing infrastructure for financial institutions to offer virtual-asset trading to their customers.

The firm is one of just two exchanges licensed under digital-asset rules Hong Kong introduced in June.

Between the lines: OSL's digital asset platform made up the bulk of BC Technology Group's income in the first half of 2023, according to its interim report.

By the numbers: OSL accounted for HK$105.2 million of BC Technology's HK$126.4 million income in the first six months of 2023.

The group posted a combined net loss of HK$95 million in that period, down from over HK$300 million a year prior.

Yes, but: Trading volume on OSL was HK$112.6 billion in the first half of 2023, down nearly 50% from HK$214.4 billion in the first half of 2022.

Of note: Shares in BC Technology Group have risen from a 52-week low of HK$1.50 over the summer to HK$4.25 today.

However, they are down about 80% from a high of HK$20.50 in mid-2021.

BC Technology Group weighs sale of Hong Kong crypto exchange

OSL's crypto trading volume fell 50% in the first half 2023.

Fintech

Hong Kong&#x27;s BC Technology Group (Hong Kong: 0863) is considering a sale of its crypto exchange OSL at a HK$1 billion (~$128 million) valuation, Bloomberg <a class="gtmContentClick" data-vars-link-text="reports" data-vars-click-url="https://www.bloomberg.com/news/articles/2023-10-16/hong-kong-crypto-exchange-osl-weighs-sale-at-hk-1-billion-valuation?srnd=technology-vp" data-vars-content-id="2fac04bd-ea41-49bc-b238-ee10d0300c50" data-vars-headline="BC Technology Group weighs sale of Hong Kong crypto exchange" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bloomberg.com/news/articles/2023-10-16/hong-kong-crypto-exchange-osl-weighs-sale-at-hk-1-billion-valuation?srnd=technology-vp" target="_blank">reports</a>.Why it matters: Despite being one of the only licensed exchanges to operate in Hong Kong, crypto trading volume remains weak for OSL.

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BC Technology Group weighs sale of Hong Kong crypto exchange

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