Hong Kong crypto exchange OSL posts 58% YoY revenue increase in first half of 2025

The Block

Aug 29, 2025 13:34:46

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Hong Kong-based OSL Group reported strong revenue growth in the first half of this year while its operating losses doubled as it continued to scale its global expansion.

OSL posted HK$195.4 million ($25.1 million) in total revenue in the first half of this year, up 58% year-on-year, according to its latest interim report released Thursday evening.

The company's loss from continuing operations expanded to HK$20.3 million ($2.6 million), compared to a HK$9.6 million ($1.2 million) loss during the same period last year. That was "primarily attributable to the increase in headcount to accelerate global expansion," OSL said in the report.

In a separate statement published on Thursday, OSL stated that revenue growth was primarily driven by organic growth and strategic acquisitions. By June 2025, the company's staff size had expanded to 568 employees, up from 167 a year earlier.

Some of the company's international acquisitions included its purchase of Japanese crypto exchange CoinBest in February. In June, it also agreed to a $15 million share purchase deal for a 90% stake in Evergreen Crest, which runs an Indonesian crypto exchange.

Meanwhile, OSL Pay, which launched in April 2025, generated HK$55.9 million ($7.2 million) in revenue in the first half of this year, accounting for 29% of the total revenue. OSL Pay offers crypto on-and-off ramp services for its global clients, according to the statement.

"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."

OSL's stock jumped 6.6% as of midday Friday in Hong Kong, according to Yahoo Finance data. While the stock has fallen 5.2% in the past month, it remains up 114.3% year-to-date.

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