BGX Group, the corporation behind Bitget, is mentioned to have finished negotiations to acquire back $90 million in shares of the OSL exchange and mother or father corporation BC Technology Group, shortly immediately after information of the closure of the BitgetX branch in Hong Kong.
According to the Nov. 14 announcement, BGX Group – the corporation behind Bitget – has agreed to acquire back $90 million (HKD710 million) shares of BC Technology Group and stock exchange OSL immediately after a time period of negotiations.
📢 #BCGroup is proud to announce a strategic investment of HK$710 million from BGX.
— BC Technology Group (stock code: 863 HK) (@bctechgroup) November 14, 2023
It can be mentioned that this is a “buy and sell” deal since Bitget two days in the past had to shut its Hong Kong branch BitgetX immediately after 6 months of getting unable to get an working license. Although OSL is a single of only two exchanges authorized by the Hong Kong government, it is struggling as it fails to appeal to trading volumes, forcing the exchange to think about promoting itself from October 2023. .
With this selection, Bitget founder Shawn Liu grew to become the greatest shareholder, holding 29.97% of BC Technology shares.
Patrick Pan, CEO of BGX, commented on the agreement:
“The investment in BC Technology Group and OSL is strategic and displays our self-confidence in the massive likely of the digital asset market place. We are assured that this partnership will not only strengthen BGX’s international presence, but also boost the asset’s development trajectory digital. marketplace.”
OSL is a cryptocurrency trading and custody platform based mostly in Hong Kong. Along with HashKey, these are the only two cryptocurrency exchanges licensed as of August 2023. BC Technology’s fiscal statements display that OSL is the company’s major supply of income. In the very first 6 months of 2023, trading volume on OSL pretty much halved to HKD112.six billion in contrast to the exact same time period final 12 months.
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