Fidelity ups stake in Hong Kong cryptocurrency company

[HONG KONG] Fidelity has increased its stake in Hong Kong cryptocurrency company BC Technology Group to 6.29 per cent after investing US$6.71 million, according to an exchange filing published on Tuesday.

BC Group said last week it had entered into an agreement to raise HK$697 million (S$119.3 million) in a top up share placement which included institutional investors whom it did not name.

OSL, a BC Group unit, was the first to receive a licence from Hong Kong's securities regulator to offer digital asset brokerage services last year.

Interest in bitcoin and other smaller cryptocurrencies has been soaring in recent months, amid a price surge driven initially by demand from institutional investors.

Bitcoin's price reached to a record $42,000 last Friday, more than doubling since early December, though the volatile asset dropped by as much as 19% on Monday.

Fidelity did not immediately respond to a request for comment.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

REUTERS