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Fidelity International Invests $6M in Firm Behind Hong Kong's OSL Crypto Exchange
BC's OSL exchange is the first crypto brokerage to receive Hong Kong regulators' blessing.
By Danny Nelson
Updated Sep 14, 2021, 10:54 a.m. Published Jan 12, 2021, 4:46 p.m.
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Fidelity Investments' international subsidiary has increased its investment BC Technology Group Ltd, the operator of Hong Kong's first licensed cryptocurrency exchange OSL.
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- Regulatory filings indicate Fidelity International (FIL Limited) purchased 3.3 million shares of BC Group for HK$52.3 million (US$6.7 million) on Jan. 6, bringing its ownership stake to 6.29%.
- Fidelity previously held 5.29% of BC Group, having put $14 million in the Hong Kong crypto exchange operator early last year.
- BC Group raised HKD697 million (approximately US$90 million) last week through a top-up share placement.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
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- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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