OSL parent denies $128M sale of its digital assets trading platform

In a statement released Tuesday, BC Technology dismissed the reports as “factually inaccurate and highly misleading”

article-image

Eakvoraseth/Shutterstock modified by Blockworks

share

Hong Kong’s BC Technology Group has denied reports suggesting the possible sale of its licensed crypto platform, OSL. 

Reporting from Bloomberg on Sunday had initially suggested BC Technology was exploring the sale of OSL, one of only two digital asset platforms licensed under Hong Kong’s new crypto framework.

A valuation of $1 billion HK ($127.8 million) was reportedly under consideration and the company was said to be open to selling specific segments of OSL rather than the entire business.

While it is not uncommon for corporations to refrain from commenting on market rumors, BC Technology took the step of issuing an official denial.

In a statement, BC Technology categorically dismissed the reporting as “factually inaccurate and highly misleading.”

Blockworks has reached out to BC Technology to learn more.

Read more: New task force in Hong Kong set to monitor crypto exchanges

The statement also observed there had been an “unusual movement” in the trading volume and share price of BC Technology. However, the firm’s board said in its statement it was unaware of any particular reason for the volatility.

Exchange data shows shares of BC Technology, which went public in Hong Kong in 2012, shed more than 34% of its share price to $2.70 HK ($0.35) on Tuesday. It has since clawed back some of those losses to stand at $3.35 HK ($0.43) per share as of the time of writing.

OSL provides a range of services including prime brokerage, exchange and custody services for crypto. It also extends trading infrastructure to financial institutions.

The platform currently operates within a shifting regulatory landscape in Hong Kong. While the region had initially restricted trading of digital assets for retail investors, Hong Kong has since switched its stance, aiming to become a hub for crypto.

Hong Kong’s securities regulator also moved to implement tougher rules for digital asset companies, including a crypto licensing regime, that began in June.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

This reports analyzes the competitive dynamics of the Solana DEX landscape, identifying sustainable moats per protocol. We also find that Raydium (RAY), Orca (ORCA), and Lifinity (LFNTY) are valued very similarly on a P/S basis and what this could mean for Meteroa's (MET) valuation, which is still pre-TGE.

article-image

The Drop’s Kate Irwin explains why OpenSea’s OS2 and SEA token are “exciting”

article-image

CoinShares’ CEO noted a “significant perception gap between regulatory approval, client demand and advisers’ fiduciary concerns”

article-image

“If we were to be successful, we would be on par with the Teslas and the DeepMinds of the world,” Frodobots’ co-founder said

article-image

It appears Trump’s team is trying to avoid having too many cooks in the kitchen

article-image

A lot has changed in the six months since the Fed decided to cut rates

article-image

Vitalik Buterin catches flack with pro-communism joke