Hong Kong-based cryptocurrency exchange OSL Group posted strong top-line growth in the first half of 2025, though its operating losses widened as the firm ramped up global expansion.
According to its interim report released Thursday, OSL generated HK$195.4 million (US$25.1 million) in revenue from January to June, marking a 58% year-on-year increase. However, losses from continuing operations grew to HK$20.3 million (US$2.6 million), more than double the HK$9.6 million (US$1.2 million) loss reported during the same period last year. The company attributed the increase largely to a sharp rise in headcount as it accelerated international growth.
Expansion Through Acquisitions and New Services
By mid-2025, OSL’s workforce had grown to 568 employees, up from just 167 a year earlier. Much of this growth was tied to a series of strategic acquisitions. In February, OSL acquired Japanese exchange CoinBest, and in June it struck a US$15 million deal for a 90% stake in Evergreen Crest, which operates an Indonesian crypto exchange.
Meanwhile, the company’s newly launched OSL Pay, introduced in April, quickly emerged as a significant revenue driver. The service, which provides crypto on- and off-ramp solutions for global clients, generated HK$55.9 million (US$7.2 million) in its first three months—accounting for nearly 30% of total revenue.
CEO Highlights Market Position
“Growth and investment defined OSL Group’s performance in the first half of this year,” said Kevin Cui, executive director and CEO of OSL Group. “Both our core business revenue and total platform transaction volume recorded substantial gains, while our market share in ETF custodial assets remained the largest in Hong Kong—underscoring the continued trust of users and investors in OSL Group’s compliant digital asset services.”
Market Reaction
Shares of OSL rose 6.6% by midday Friday in Hong Kong, according to Yahoo Finance. While the stock has slipped 5.2% over the past month, it remains up 114.3% year-to-date, reflecting investor confidence in the company’s expansion strategy and growing role in Asia’s digital asset ecosystem.
