Fidelity doubles down on Hong Kong crypto operator

Fidelity doubles down on Hong Kong crypto operator

Fidelity Investments, one of the world’s largest asset managers, has poured more capital into a Hong Kong-based cryptocurrency operator — offering yet another bullish indicator for the evolution of digital-asset markets worldwide. 

An exchange filing obtained by Singapore-based Business Times shows that Fidelity acquired a 6.29% stake in BC Technology Group after investing $6.71 million in the company. Business Times indicated that Fidelity had increased its exposure to the company, though didn’t specify the initial investment amount.

The investment was announced shortly after BC Technology Group disclosed that it had reached an agreement to raise HK$697 million ($89.9 million) in a “top up share placement.”

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BC Technology Group is the operator of OSL, a popular cryptocurrency exchange that recently obtained a coveted license from Hong Kong’s Securities and Futures Commission, or SFC. A BC Group press release dated Dec. 15, 2020 claims that OSL is the world’s “first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions

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