OSL Group Announces 2024 Annual Results: Group Revenue Reaches Record High with Positive Profitability
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OSL Group Announces 2024 Annual Results: Group Revenue Reaches Record High with Positive Profitability
Revenue reached a record high of HK$375 million in 2024, up 79% year-on-year.
Navigating Web3 tides with focused insightsOSL Group Limited (HKEX: 863, "OSL"), Hong Kong's only publicly listed company focused on digital assets, today announced its financial results for the year ended December 31, 2024 ("the year").
Financial Highlights 2024
· Revenue reached a record high of HK$375 million, an increase of 79% year-on-year.
· Profit from continuing operations amounted to HK$55 million, a significant turnaround from the loss of HK$250 million in 2023.
· Total comprehensive income was HK$168 million, compared to a total comprehensive loss of HK$266 million in 2023.
Operational Highlights 2024
· Revenue from Digital Asset Market business was HK$283 million, up 73% year-on-year. Key revenue streams included OTC trading, request-for-quote (RFQ), exchange services, and custody.
· Revenue from Digital Asset Technology Infrastructure business reached HK$92 million, surging 415% year-on-year, primarily driven by SaaS services.
· Total trading volume exceeded HK$100 billion, up 16% year-on-year.
· Total assets under custody reached HK$5 billion, representing a 5.6-fold increase compared to 2023.
· Strong ETF performance – As of December 31, 2024, OSL Group accounted for approximately 64% of the assets under management in Hong Kong’s spot digital asset ETF market, demonstrating its leadership in this space.
Strategic Milestones & Operational Progress 2024
2024 was a transformative year for OSL Group, marked by accelerated international expansion, expanded product offerings, strengthened leadership, and a strategic rebranding aimed at driving future growth.
The Group broadened its product and service offerings in 2024, laying the foundation for the next phase of growth. Notably, in December 2024, OSL Group announced an investment of up to $30 million to promote the PayFi ecosystem, further underscoring its commitment to developing on- and off-ramps, cross-border payments, and providing technical support for robust payment infrastructure. Additionally, during 2024, OSL Group partnered with China Asset Management (Hong Kong) and Harvest Global Investments to co-lead the successful launch of Asia’s first spot digital asset ETFs.
In 2024, OSL Group accelerated its international expansion through both organic growth and acquisitions. Building on its solid regulatory foundation in Hong Kong—where it holds SFC licenses for Types 1, 4, 7, and 9—the Group obtained its first license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) in 2024. Internationally, the Group successfully acquired CoinBest KK (now renamed OSL Japan), securing a key digital asset license in Japan, and also obtained a significant digital asset license in Australia.
The Group enhanced its management team in 2024 by bringing in seasoned professionals from the digital asset, technology, and traditional finance sectors. Key appointments included Stanley Chui as Chief Executive Officer, Ying Wah Cheung as Head of Business, Derek Chan as Chief Marketing Officer, and Kelvin Wong as Chief Financial Officer. These leaders are playing pivotal roles in advancing the Group’s strategy and global expansion.
OSL Group undertook a strategic rebranding to reflect its global positioning, mission, and vision within the rapidly evolving digital asset industry. The newly designed logo and brand identity are highly distinctive and will support the Group’s expansion of service offerings and business footprint across target international markets and the broader industry.
Stanley Chui, Executive Director and CEO of OSL Group, said: “2024 has been a transformative and exceptionally productive year for OSL. Our mission to ‘integrate crypto into the financial system for the benefit of individuals and enterprises’ has guided us to remarkable achievements. Driven by our unwavering commitment to this purpose, we have achieved profitability and launched a new global brand identity.”
Mr. Chui added: “Our strong performance in 2024 has laid a solid foundation for growth in the coming years and positions us to capture the vast opportunities emerging in the industry. We will continue building and expanding our PayFi services, a key component of our digital asset ecosystem. As international regulatory frameworks become increasingly clear, we will accelerate strategic investments in key regions such as Southeast Asia, Europe, and the Middle East. Furthermore, we will focus on enhancing operational efficiency and advancing compliant, sustainable growth initiatives. This is just the beginning of our journey. We look forward to achieving even greater success and creating new milestones together with our investors, partners, and clients.”
About OSL Group
At the forefront of the digital asset industry, OSL Group provides innovative solutions to institutional, professional, and retail investors. With extensive experience in the sector, OSL offers a full suite of brokerage, custody, exchange, and SaaS services. As the world’s first insured and SFC-licensed digital asset platform, OSL adheres to the highest standards of regulatory compliance and security. Headquartered in Hong Kong, the Group has expanded its operations to key markets including Singapore, Japan, and Australia.
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