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…