BC Technology Group, the operator of Hong Kong’s OSL cryptocurrency exchange, has secured a significant investment from BGX.
In a joint announcement on November 14, the firms revealed that BGX will subscribe for shares in BC Technology for an investment of approximately 710 million Hong Kong dollars ($90.1 million), pending shareholder approval.
BGX describes itself as a “crypto group that aims to offer an innovative platform that allows institutional and retail investors to seek investment opportunities in crypto.”
While BGX’s founding date is unclear, it is known to be a global digital currency exchange invested by SoftBank Investment, as recorded in March 2021.
BGX Group Holdings, the owner of BitGet crypto exchange, will invest $91 million in BC Technology Group, acquiring a 30% stake.
Despite owning 30% of equity, BGX will effectively control the company with the right to nominate the majority of the board of directors. This investment comes after BitGet’s withdrawal from Hong Kong and its licence application, indicating strategic preparations.
BC Technology Group plans to utilise approximately 43% of the proceeds for digital asset-related acquisitions. The company, which owns OSL, the first regulated crypto exchange in Hong Kong, aims to capitalise on the evolving crypto landscape and expand into the security token space.
Patrick Pan, CEO of BGX, stated, “We are confident that this partnership will not only strengthen BGX’s global presence but also enhance the growth trajectory of the digital asset industry.”