fidelity international BC Group
Fidelity International Acquires A Stake In Digital Asset Company BC Group
February 24, 2020
fidelity international BC Group
Fidelity International Acquires A Stake In Digital Asset Company BC Group
February 24, 2020

Fidelity International has acquired a stake in BC Group, the operator of OSL, one of Asia’s largest digital asset platforms for institutions. The company purchased 17 million shares for a 5.6% ownership position.

The Hong Kong Stock Exchange (HKEx) revealed the purchase in a disclosure filed on Feb. 17.

The actual transaction occurred on Feb. 12. Fidelity International is reported to have purchased HK$110.5 million ($14.2 million) worth of BC Group shares at a price of HK$6.50 ($0.83) each.

The purchase is part of a $36 million share placement announced by BC Group in January. A related HKEx filing shows that 19 million shares were issued on Feb. 12, making Fidelity International a direct investor into the Hong Kong firm.

BC Group is the operator of two major services:

  • OSL, an institution-focused digital asset platform
  • Branding China, a PR, and marketing agency.
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OSL is a digital asset platform providing a variety of services for institutions interested in crypto assets. It offers Software as a Service (SaaS) tools to interface with digital assets, Over the Counter (OTC) brokerage for large clients, custody services and an institutional digital asset exchange. 

BC Group CEO Hugh Madden said:

“The raise represents a new phase of growth for the Group. It allows us to further invest in key areas such as technology and compliance which will be essential as we compete and win in this dynamic environment.”

Madden added:

“Licensing frameworks in every major jurisdiction are rewarding only the strongest and most professional operators, and these firms will continue to capture market share from unlicensed players.”


Source: Cointelegraph.com


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