Hong Kong-Based OSL Group’s Revenue Jumps 58% in H1 Despite Mounting Losses

Digital asset platform OSL Group reported a 58% year-on-year revenue increase for the first half of 2025, reaching HK$195.4 million ($25.1 million), even as operating losses more than doubled during its aggressive global expansion.

Key Takeaways:

• OSL Group’s H1 revenue rose 58% to $25.1 million, driven by acquisitions and organic growth.
• Operating losses more than doubled due to a rapid expansion in headcount.
• OSL Pay accounted for 29% of revenue, while a $300M raise will fuel further global growth.

In its interim financial report released Thursday evening, the Hong Kong-based company said losses from continuing operations widened to HK$20.3 million ($2.6 million), up from HK$9.6 million a year earlier.

The company attributed the growing loss primarily to a sharp rise in headcount, expanding from 167 employees to 568 within a year.

OSL said the revenue gains were fueled by organic growth and recent strategic acquisitions, according to a separate statement published on Thursday.

Key moves included the February purchase of Japanese crypto exchange CoinBest and a June agreement to acquire a 90% stake in Evergreen Crest, an Indonesian exchange operator, through a $15 million share deal.

One of the standout performers was OSL Pay, its crypto on-and-off ramp platform launched in April.

The division generated HK$55.9 million (US$7.2 million) in the first half, contributing 29% of total group revenue.

“Growth and investment defined OSL Group’s performance in the first half of this year,” said Kevin Cui, CEO of OSL Group.

He added that both core business revenue and transaction volume rose significantly, while the firm retained the largest market share in ETF custodial assets in Hong Kong.

OSL shares rose 6.6% in midday trading Friday, according to Yahoo Finance. Despite a 5.2% dip over the past month, the stock is up more than 114% year-to-date.

In July, OSL raised $300 million through an equity financing round, marking the largest publicly disclosed capital raise in the region’s crypto space to date.

OSL Group (HKEX: 863) has successfully completed a US$300 million equity raise — the largest public equity financing in Asia’s digital asset sector to date.

According to OSL CFO Ivan Wong, this milestone reflects strong investor confidence in OSL’s strategy and will further… pic.twitter.com/IEugUVoIc6

The firm, listed under ticker 0863.HK, said proceeds from the deal will fund global expansion efforts, including the development of regulated stablecoin infrastructure, licensing in new jurisdictions, and the launch of a compliant digital payments network.

Hong Kong has unveiled its second major policy statement on digital assets, placing stablecoin regulation and real-world asset (RWA) tokenization at the core of its strategy to become a global fintech hub.

The new “LEAP” framework focuses on legal clarity, ecosystem growth, real-world adoption, and talent development, with a stablecoin licensing regime set to launch on August 1.

The government also plans to regulate tokenized government bonds and ETFs, paving the way for secondary market trading of these products on licensed digital asset platforms.

It aims to expand tokenization efforts into sectors like metals and renewable energy, highlighting use cases such as gold and solar panels.

As reported, professionals working in the crypto and hedge fund sectors are playing a key role in supporting Hong Kong’s residential rental market, which continues to struggle due to weak traditional demand sources.

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