BGX Invests $90.1M in BC Technology Group Amid OSL Exchange Sale Rumours
Summary:
BC Technology Group, the operator of Hong Kong’s listed crypto exchange OSL, has secured a significant investment from BGX. The deal relies on shareholder approval and involves BGX subscribing to new shares in BC Technology, worth around 710 million Hong Kong dollars ($90.1 million). This collaboration reaffirms OSL's commitment to enhancing digital asset security and technological innovation. This announcement comes after BC Technology suspended trading OSL shares on the Hong Kong Stock Exchange amid acquisition rumors. BC Technology has been considering selling the OSL exchange for around HKD 1 billion ($128 million).
BC Technology Group, the company behind OSL, Hong Kong's listed crypto exchange, has attracted substantial funding from industry player BGX. BC Technology solidified a deal with BGX, who committed to investing around HKD 710 million ($90.1 million) in BC Technology through a share subscription, according to a joint statement on November 14th. Dependent on shareholder approval, this strategic investment will be facilitated through a designated share subscription. The companies state that this financial injection corroborates OSL's dedication to enhancing digital asset security, compliance, and tech innovation. As noted earlier by Cointelegraph, OSL was one of the earliest crypto marketplaces to secure a Hong Kong crypto license in 2023. Related: Bitget abandons bid for Hong Kong crypto license.
The announcement about the BGX partnership came a day after BC Technology suspended OSL share trading on the Hong Kong Stock Exchange. This followed rumors in industry circles that Bitget, a market exchange that officially exited the Hong Kong market on November 13, had either purchased or invested in OSL. Sources have suggested that OSL's operator, BC Technology, has considered selling the exchange for an estimated HKD 1 billion, equivalent to $128 million.
Additional reporting done by Zhiyuan Sun.
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Published At
11/14/2023 11:25:00 AM
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