Fidelity Acquires Stake in Hong Kong Crypto Firm BC Group
(Bloomberg) -- Fidelity International has acquired a HK$110.5 million ($14.2 million) stake in the operator of OSL, one of Asia’s biggest digital-asset platforms for professional investors.
The investment manager acquired 17 million shares of BC Technology Group Ltd. for an average price per share of HK$6.50 as of Feb. 12, according to a Hong Kong stock exchange filing. The acquisition makes Fidelity a substantial shareholder with a 5.6% position.
The investment is part of a larger $36 million share placement by BC Group at the end of January. BC Group shares have slipped 7.6% so far this year.
“We’re excited to see that world-class equity investors are increasingly participating in the fast-growing digital asset sector, and we look forward to reaching new milestones with our industry-leading institutional investors,” Hugh Madden, CEO of BC Group, said in an email.
Stephanie Chui, a Fidelity spokeswoman, declined to comment.
©2020 Bloomberg L.P.