Wall Street giant Citi (C) initiated coverage of crypto exchange OSL (0863) with a buy/high risk rating and a target price of 21.80 Hong Kong Dollars ($2.80), or 22 times projected 2025 price-to-sales.

Citi said OSL is well positioned as a regulated digital-asset trading and payments platform, with strong growth prospects tied to institutional crypto adoption and stablecoin-related products.

The bank projects revenue growth of 80%, 60% and 36% in 2025, 2026 and 2027, driven by payment finance (PayFi) expansion and a broader regulated market footprint.

The firm's analysts highlighted OSL’s regulatory-first strategy, noting its more than 50 licenses across 10 jurisdictions and plans to expand further in Europe, the Middle East and emerging markets.

The bank also pointed to OSL’s dominant position in Hong Kong’s OTC crypto market, where it controls over 60% share, citing liquidity, pricing and client retention as key strengths.

OSL is also pushing into stablecoin infrastructure with upcoming launches including OSL BizPay, a lower-cost cross-border payment platform, as well as StableX for stablecoin issuance and Tokenworks for tokenization.

Citi warned of risks from volatility, regulation and competition but said OSL’s compliance-first approach and early lead make it a standout in Hong Kong’s growing digital-asset sector.

The stock closed 0.4% lower in Hong Kong trading, at 16.89 Hong Kong dollars ($2.17)

The Hong Kong-based firm raised $300 million in an equity sale in July.

Read more: Crypto Exchange OSL Group Raises $300M Ahead of Hong Kong's Stablecoin Regulation Plan

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