Hong Kong listed BC Technology Group announced it has a $91 million funding offer in exchange for a 30% stake in the company. BC owns OSL, the first regulated crypto exchange in Hong Kong and one of only two licensed exchanges. It is also a joint venture partner in Zodia Markets with SC Ventures, a Standard Chartered subsidiary. The investor is BGX Group Holdings.
BGX claims it is not an affiliated entity of Bitget Exchange. However, they have a common shareholder and Mr. Pan Zhiyong was CEO of Hong Kong-based BitgetX and BGX. “BGX’s equity investment in BC Technology Group is entirely independent of its interest in Bitget,” a BGX spokesperson told Ledger Insights via email. He also stated that Bitget and BitgetX has separate management and operational structures.
The day before the BC investment announcement, BitGetX announced its withdrawal from Hong Kong, including its license application. While it will own 30% of the equity BGX will effectively control the company. That’s because it will have the right to nominate the majority of the board of directors if shareholders approve the investment.
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