Wall Street Giant Citi (C) started the Crypto Exchange OSL (0863) with a rating/high risk and a target price of 21.80 Hong Kong Dollars ($ 2.80), or 22 times expected 2025 price-on-sales.
Citi said OSL is well positioned as a regulated digital-asset trading and payment platform, with strong growth prospects tied to institutional crypto adoption and stablecoin-related products.
The bank releases income growth of 80%, 60% and 36% in 2025, 2026 and 2027, driven by expanding payment finance (PayFI) and a broader regulated trace of the market.
Firm analysts highlighted the OSL regulation approach, which noticed more than 50 licenses throughout 10 jurisdictions and plans to expand in Europe, the Middle East and emerging markets.
The bank also pointed out the OSL’s dominant position in the Hong Kong OTC Crypto market, where it controls more than 60% sharing, citing the liquidity, pricing and maintenance of the client as major strengths.
OSL also drives Stablecoin infrastructure with the upcoming launch along with OSL Bizpay, a lower cross-border payment platform, as well as Stablex for the issuance of Stablecoin and tokenworks for tokenization.
Citi warned of risks from volatility, regulation and competition but said compliance with OSL’s first approach and early lead make it a standout in Hong Kong’s growing digital-asset sector.
Stock closed 0.4% below Hong Kong trading, at 16.89 Hong Kong dollars ($ 2.17)
The firm based in Hong Kong Raised $ 300 million on a sale of equity in July.
Read more: Crypto Exchange OSL Group raises $ 300M leading to Hong Kong’s Stablecoin Regulation Plan
