Citi Initiates Buy Rating on OSL with Target Price of $2.80
Citi initiated coverage of crypto exchange OSL with a buy/high risk rating and a target price of 21.80 HKD ($2.80), based on 22 times projected 2025 price-to-sales.
OSL is positioned as a regulated digital-asset trading platform, benefiting from institutional crypto adoption and stablecoin products.
Projected revenue growth: 80% in 2025, 60% in 2026, and 36% in 2027, driven by PayFi expansion and increased market presence.
OSL holds over 50 licenses across 10 jurisdictions, with plans for further expansion in Europe, the Middle East, and emerging markets.
Dominates Hong Kong’s OTC crypto market with a 60% share, emphasizing liquidity, pricing, and client retention.
Upcoming launches include OSL BizPay, a cross-border payment platform, and StableX for stablecoin issuance.
Citi acknowledges risks such as volatility and competition but highlights OSL's compliance-first approach.
OSL's stock closed 0.4% lower at 16.89 HKD ($2.17).
In July, OSL raised $300 million in an equity sale to expand its digital asset infrastructure.
