Citi began coverage of OSL with a “buy/high risk” rating and a price target of HK$21.80. Highlighting the broker’s view that a licensed Hong Kong gateway to digital assets merits institutional attention. The note cautions that the upside case is coupled with crypto market volatility, framing both opportunity and risk for investors. A July 2025 USD 300 million raise and an incoming stablecoin regime set the near-term operating backdrop for OSL.
OSL holds the first licence granted to a virtual asset trading platform in Hong Kong and, per data. Handles roughly 60% of the local OTC flow. The group combines brokerage, exchange, OTC desk and custody for BTC, ETH, AVAX, LINK and SOL under one regulatory roof, which Citi labels its “top bet” because it channels institutional money into a market that had been fragmented.
In July 2025 OSL closed a USD 300 million raise—about half targets acquisitions, one fifth covers general corporate needs and the remainder funds overseas growth and stablecoin infrastructure. The cash widens operational reach, and the firm renamed CoinBest KK to OSL Japan Limited, marking a concrete step abroad.
OSL’s position and funding
Hong Kong’s policy anchors the plan. The Securities or Futures Commission has approved only eight exchanges to date, with the last batch in December 2024. The city has drawn an estimated USD 1.5 billion in fintech placements. The tight gate aims to keep compliance and trust intact, a precondition for institutional capital.
Key markers are the Citi initiation, the USD 300 million round, the 60% OTC share and the pending stablecoin regime. Together delineate OSL’s trajectory and investor focus.
Stablecoin refers to a digital token whose value is fixed to a fiat currency or other asset to curb volatility, a category central to OSL’s infrastructure plans and to upcoming rules..
The next checkpoint is August 2025, when Hong Kong’s stablecoin rules take effect. The statute will cap licence numbers and impose minimum capital and KYC/AML standards, a timeline that will shape OSL’s rollout and the wider regulated market.