Quick Takeaways
- OSL brought in HK$195.4 million (US$25.1M) in revenue in H1 2025 up 58% year-on-year.
- Operating losses grew to HK$20.3 million (US$2.6M), mostly due to hiring for global expansion.
- OSL Pay, launched in April, already accounts for 29% of total revenue.
OSL Revenue Soars as Growth Plans Kick Into Gear
OSL, the Hong Kong-based crypto exchange, had a big first half in 2025. The company pulled in HK$195.4 million (US$25.1 million) in revenue, that’s a solid 58% jump compared to the same time last year.
But there’s more to the story. While business picked up speed, so did expenses. OSL’s loss from continuing operations more than doubled, hitting HK$20.3 million (US$2.6 million). The reason? The company’s scaling and fast.
They’re not shy about it either. The report made it clear: growing pains are part of the plan.
OSL Bets Big on Global Talent and New Markets
Back in June 2024, OSL had about 167 employees. Fast forward to June 2025? That number jumped to 568. That’s more than triple the headcount in just a year.
Why the hiring spree? Because OSL’s vision is global. For starters, they bought Japan based CoinBest in February. Then in June, they signed a US$15 million deal to grab a 90% stake in Evergreen Crest, an Indonesian crypto exchange.
These moves weren’t just about market entry they’re about long-term positioning in Asia’s growing crypto scene. And honestly, if you’re aiming to lead in digital assets across the region, you’ve got to move fast which is exactly what they’re doing.
OSL Pay Is Already a Standout Performer
Now here’s something impressive: OSL Pay, which only launched in April 2025, is already pulling in nearly one-third of the company’s total revenue.
That’s HK$55.9 million (US$7.2 million) in just a few months.
If you’re not familiar, OSL Pay helps clients move between fiat and crypto with ease what’s known as “on-and-off ramp” services.
In a world where more people and institutions want smoother access to digital assets, this offering couldn’t have come at a better time.
So, not only did they roll it out quickly it clearly hit a sweet spot in the market.
OSL Still Leading the Pack in Hong Kong
Despite the higher losses, OSL’s leadership is upbeat. The group achieved “significant growth” in both revenue and transaction volume, according to CEO and Executive Director Kevin Cui.
He also pointed out that OSL still holds the largest share of ETF custodial assets in Hong Kong, a big vote of confidence from institutional players.
Investors, meanwhile, appear to enjoy what they see. By Friday midday, OSL’s shares had increased 6.6%, according to Yahoo Finance. Even though it’s dipped a little this month, it’s still up over 114% for the year. That kind of momentum isn’t easy to ignore.
