Wall Street Giant Citi Highlights OSL as Top Hong Kong Crypto Play

Citi Initiates Coverage on OSL with Buy Rating, HK$21.80 Price Target

Citi (C) has begun coverage of Hong Kong-based crypto exchange OSL (0863), assigning a buy/high-risk rating and a target price of HK$21.80 ($2.80), roughly 22 times projected 2025 price-to-sales.

The bank highlighted OSL’s strong position as a regulated digital-asset trading and payments platform, with growth driven by institutional adoption and stablecoin-related products. Citi projects revenue growth of 80% in 2025, 60% in 2026, and 36% in 2027, fueled by PayFi expansion and broader market coverage.

Analysts emphasized OSL’s regulatory-first strategy, holding over 50 licenses across 10 jurisdictions and planning expansion into Europe, the Middle East, and emerging markets. The firm dominates Hong Kong’s OTC crypto market, controlling more than 60%, supported by liquidity, pricing, and client retention.

OSL is also advancing stablecoin infrastructure, with products like OSL BizPay for low-cost cross-border payments, StableX for stablecoin issuance, and Tokenworks for tokenization.

Citi noted risks from volatility, regulation, and competition, but said OSL’s early market lead and compliance-first approach make it a top pick in Hong Kong’s crypto sector.

The stock closed 0.4% lower at HK$16.89 ($2.17). In July, OSL raised $300 million in an equity sale.