Hong Kong Stock Exchange-listed BC Technology Group, the parent company of regulated crypto platform OSL, has raised HKD543.19 million (approximately US$70 million) in the form of a top-up share placement.
Global financial services group Maquarie Capital was appointed as the sole placing agent of some 31,952,500 placing shares owned by the firm, representing approximately 8.25% of BC Group’s issued share capital.
The investment comes from GIC, formerly the Government of Singapore Investment Corporation, Singapore’s sovereign wealth fund.
Funding will be used for IT-related costs, including digital transformation, developing and enhancing platform technology of its digital asset business. Funding will also go towards working capital outside IT-related costs which include staff costs, marketing expenses and professional fees. Additionally, capital will be set aside for expansion into the U.K., Singapore and the U.S., per the announcement.
“This investment is a major milestone for our business,” said BC Group CEO Hugh Madden. “Reconfirming our strategy to the market. It's also a massive win for digital assets adoption in Asia Pacific, particularly the growing digital asset hubs of Hong Kong and Singapore.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.