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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

Industry City | 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

article-image

Chainalysis, Kraken, Fireblocks and Gemini are on the list, but we might not see a redo of Circle’s success

article-image

The startup should try to “redefine how crypto and media interact,” Mert Mumtaz said

article-image

President Trump’s feud with Elon Musk took a backseat as investors digested a better-than-expected labor report

article-image

The event, cohosted with FWB, helps devs accelerate their World mini apps and find funding along the way

article-image

Real-time slashing, isolated vaults and a yield tug-of-war between sGHO and stkGHO

Gemini announced its intentions to go public just a day after Circle’s IPO