Invest in the parent company of Hong Kong-licensed exchange OSL, Foresight VC, BitGetX takes a step back to move forward.

Yesterday, the BitgetX branch of the exchange Bitget announced the cessation of license application and exit from the Hong Kong market. There were also rumors that BitgetX intended to directly acquire the licensed exchange OSL. Today, the licensed exchange OSL's parent company BC Technology officially announced that it had received investment from the BGX Group, confirming the industry speculation.

Bitget gives up applying for a Hong Kong license, rumored to have acquired the licensed exchange OSL?

Bitget Announces Exit from Hong Kong, Foresight VC Acquires OSL

BC Technology announced after the closing on 11/14 that it would issue 187.6 million new shares to Foresight Ventures Foresight VC, founded by venture capitalist Liu Shuai, under BGX Group, at a price of 3.8 yuan per share, accounting for approximately 42.79% of the existing share capital. After dilution, Liu Shuai's stake will reach 29.97%, slightly higher than BC's major shareholder East Harvest at 29.96%. Subsequently, OSL announced that BGX Group has agreed to invest approximately HK$710 million, about US$90 million, in BC Technology to drive OSL's digital asset market. BGX CEO Patrick Pan reportedly became the technology executive director of BC.

Foresight VC Makes Strong Acquisitions for Two Consecutive Days: The Block, OSL

According to Wu's report, BGX CEO Patrick Pan is also the CEO of BitgetX, which announced its exit from Hong Kong. Therefore, BitgetX's announcement of exiting the Hong Kong market is actually a strategic move to comply with regulations through acquiring the licensed exchange OSL in Hong Kong.

Bitget is also a key supporter behind Foresight Ventures.

Just yesterday, media outlet The Block was acquired by Foresight Ventures, selling 80% of its shares at a valuation of 70 million euros.