OSL Group Announces 2024 Annual Results: Record-high Revenue with Positive Profit for 2024
HONG KONG, March 25, 2025 /PRNewswire/ -- OSL Group Limited (HKEX: 863, "OSL", together with its subsidiaries, the "Group"), Asia's leading regulated digital asset platform, today announced its financial results for the year ended December 31, 2024 (the "Year").
2024 Financial Highlights
- Revenue reached a record-high of HK$375 million, an increase of 79% year-over-year.
- Profit from continuing operations reached HK$55 million, a significant turnaround from a loss of HK$250 million in 2023.
- Total comprehensive income reached HK$168 million, compared to total comprehensive loss of HK$266 million in 2023.
2024 Operational Highlights
- Digital assets markets business income was HK$283 million, an increase of 73% year-over-year. Key revenue streams included OTC trading, RFQ, exchange business, and custody services.
- Digital assets technology infrastructure business income was HK$92 million, a remarkable increase of 415% year-over-year, driven primarily by SaaS offerings.
- Total transaction volume surpassed HK$100 billion, an increase of 16% compared to 2023.
- Total assets under custody reached HK$5 billion, a 5.6-fold increase compared to 2023.
- Strong ETF performance - As of December 31, 2024, OSL Group held approximately 64% of the assets under management for Hong Kong's digital asset ETFs, showcasing its leadership in the sector.
2024 Strategic Milestones & Operational Progress
2024 was a transformative year for OSL Group, key highlights included accelerated international expansion, expanded product offerings, strengthened management team, and a strategic brand refresh aimed at driving future growth.
The Group expanded its product offerings in 2024 to lay the foundation for the next phase of growth going forward. Notably, in December 2024, OSL Group announced to invest up to US$30 million to boost development of PayFi ecosystem, further underscoring its commitment to developing on/off-ramps, cross-border payments, and technical support for robust payment infrastructure. In addition, OSL Group successfully spearheaded the launch of Asia's first spot digital asset ETFs in partnership with China Asset Management (Hong Kong) and Harvest Global Investments Limited in 2024.
OSL Group accelerated its international expansion in 2024 through a combination of organic and inorganic growth strategies. Building on the strong regulatory foundation it has built in Hong Kong with SFC Type 1, 4, 7 and 9 licenses, it secured the first AMLO license in the city in 2024. Internationally, OSL Group secured critical digital asset licenses in Japan and Australia in 2024, with the former achieved through the acquisition of CoinBest K.K., now rebranded as OSL Japan.
The Group strengthened its management team in 2024 by assembling a team of experts across digital assets, technology, and traditional finance. Key appointments included Kevin Cui as Chief Executive Officer, Eugene Cheung as Chief Commercial Officer, Jack Tan as Chief Marketing Officer, and Ivan Wong as Chief Financial Officer. These leaders have been instrumental in driving the Group's strategy and global expansion.
OSL Group strategically refreshed its brand in 2024 to reflect its global positioning, mission and vision in the rapidly evolving digital asset industry. The new logo and branding will be highly recognisable and support the expansion of its offerings and presences across target international markets and the industry as a whole.
Kevin Cui, Executive Director and CEO of OSL, said, "2024 marked a transformative and exceptionally productive year for OSL. Guided by our mission 'to harness crypto adoption into the financial system, for the benefit of every individual and business', we achieved extraordinary results. Fuelled by this dedication to our mission, we achieved profitability and unveiled our new global brand identity."
Kevin Cui added, "Our strong performance in 2024 lays a strong foundation to drive growth next year and positions us to capitalize on the enormous opportunities the industry presents. We will continue to build and scale our PayFi service, a critical element of our digital asset ecosystem. With increasing clarity in global regulatory framework, we will accelerate our strategic investments in Southeast Asia, Europe, the Middle East, and other key regions. Furthermore, we will focus on initiatives that enhance operational efficiency and drive compliant, sustainable growth. This marks just the beginning of our journey. We eagerly anticipate achieving even greater success in the future, forging new milestones alongside our investors, partners and clients."
About OSL Group
OSL Group stands at the forefront of the digital asset industry, providing innovative solutions for institutions, professional, and retail investors. Leveraging its extensive experience in the industry, OSL Group offers a comprehensive suite brokerage, custody, exchange, and SaaS services. As the world's first insured and SFC-licensed digital asset platform, OSL Group upholds the highest standards of regulatory compliance and security. Based in Hong Kong, OSL Group has expanded its presence to key regions such as Singapore, Japan and Australia.
For more information, please visit group.osl.com.
SOURCE OSL
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