Hong Kong Crypto Exchange OSL Reports 58% Year-on-Year Revenue Growth in H1 2025 Amid Expanding Global Presence
By Timmy Shen, The Block — August 29, 2025
Hong Kong-based cryptocurrency exchange and digital asset platform OSL Group has announced robust financial results for the first half of 2025, marked by a significant 58% increase in year-on-year revenue. The company revealed that it generated HK$195.4 million (approximately $25.1 million USD) in total revenue during the period, signaling strong organic growth and successful strategic acquisitions.
However, despite this substantial revenue climb, OSL also reported a notable increase in operating losses, which more than doubled compared to the first half of 2024. The loss from continuing operations widened to HK$20.3 million ($2.6 million), up from HK$9.6 million ($1.2 million) recorded a year earlier. The exchange attributed this to expanding its global workforce to support accelerated international growth.
Expansion and Strategic Acquisitions Fuel Growth
According to OSL’s interim report released on Thursday evening, the company’s expansion efforts have been a key driver behind its strong top-line performance. From June 2024 to June 2025, OSL scaled its employee base from 167 to 568, reflecting its commitment to broadening its global footprint within the competitive crypto market.
Several acquisitions supported this push. Notably, OSL acquired Japanese crypto exchange CoinBest in February 2025, enhancing its access to the Japanese market. In June, OSL also entered into a $15 million agreement to purchase a 90% stake in Indonesian crypto exchange operator Evergreen Crest, further reinforcing its presence in Southeast Asia.
OSL Pay Contribution and Market Leadership
Launched in April 2025, OSL Pay—a service providing crypto on-and-off ramp solutions for global clients—generated HK$55.9 million ($7.2 million) in revenue during the first half of the year. This accounted for 29% of OSL’s total revenue, underscoring the growing demand for seamless fiat-to-crypto transactions among institutional and retail customers.
Kevin Cui, executive director and CEO of OSL Group, highlighted the company’s achievements in a statement accompanying the interim report:
"Growth and investment defined OSL Group’s performance in the first half of this year. Both our core business revenue and total platform transaction volume recorded substantial gains. Additionally, we maintained our leading market share in ETF custodial assets in Hong Kong, underscoring the continued trust users and investors place in OSL Group’s compliant digital asset services."
Market Reaction and Performance
Following the earnings release, OSL’s stock price experienced a 6.6% rise by midday Friday trading on the Hong Kong Stock Exchange, according to Yahoo Finance. Although the stock has pulled back slightly by 5.2% over the past month, it remains up an impressive 114.3% year-to-date, reflecting investor confidence in OSL’s growth trajectory.
Outlook
OSL’s results demonstrate the dynamic nature of the crypto exchange sector, where scaling operations rapidly is often paired with short-term margin pressures. As the company continues to capitalize on strategic opportunities in Asia and beyond, balancing revenue growth with operational efficiency will be critical.
The company’s focus on compliant, institutional-grade services and expansion into promising markets positions it well amid ongoing industry consolidation and increasing regulatory scrutiny.
The Block remains committed to delivering objective and timely coverage on digital asset developments worldwide.