GIC, the sovereign wealth fund managing Singapore’s overseas reserve, has invested HK$543.19 million (or $70 million) in Hong Kong-listed BC Group, the mother or father firm of regulated crypto change OSL.
The funding was made via a brand new inventory top-up placement the place BC Group issued 31,952,500 shares at a worth of HK$17 per share to GIC, in keeping with BC Group’s public disclosure on the Hong Kong Inventory Change on Friday.
BC Group stated the proceeds will likely be used to cowl technology-related and capital prices for creating and enhancing its digital asset platform enterprise. A part of the proceeds from the elevate will even be retained as reserves “for future growth in markets together with UK, Singapore and America,” the change stated within the disclosure.
“This funding is a significant milestone for our enterprise, reconfirming our technique to the market,” BC Group CEO Hugh Madden stated in a press release shared with The Block. “It is also an enormous win for digital property adoption in Asia Pacific, notably the rising digital asset hubs of Hong Kong and Singapore.”
This is not GIC’s first identified funding into the cryptocurrency area. It was reported in 2019 that GIC participated in Coinbase’s $300 million Sequence E fundraise in 2018.
In January, BC Group raised $90 million in a inventory top-up. Earlier than that, it additionally raised $20 million from Constancy Worldwide via two phases of fairness placement.