Wall Street Bank Citi Flags OSL as Top Bet in Hong Kong’s Crypto Sector

Citi has begun coverage of the crypto exchange OSL with a buy/high risk rating and a target price of HK$21.80 ($2.80). The bank emphasizes OSL’s regulatory-first strategy, its 60% share of Hong Kong's OTC crypto market, and plans to expand into 10 jurisdictions. Analysts expect OSL's revenue to grow significantly, forecasting increases of 80% in 2025, 60% in 2026, and 36% in 2027, driven by new payment finance products and an extensive regulatory environment. The report highlights OSL’s position as a regulated digital-asset trading platform and its dominance in the local OTC market, which is supported by efficient liquidity and pricing strategies. OSL is also venturing into stablecoin infrastructure with new offerings such as OSL BizPay and Tokenworks. Despite risks from volatility and competition, Citi believes OSL's compliance-first approach positions it favorably in Hong Kong's expanding digital asset market.

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