August 2026
Largest Crypto & Web3 Platforms Public Companies in Hong Kong
Benchmark revenue and EBITDA valuation multiples for public comps like
OSL Group, HashKey Holdings, Amber International, Metalpha Technology Holdings and AGM Group Holdings.
 | OSL Group Ltd is an investment holding company. Along with its subsidiaries, the company operates an insured and SFC-licensed digital assets and blockchain platform business in the Asia-Pacific region, which mainly includes an OTC trading business to trade digital assets with corporate and individual customers, and the provision of automated digital assets trading services through its proprietary platforms. It provides a comprehensive range of services, including brokerage, custody, exchange, and SaaS. The group's platform caters to institutional, professional, and retail investors, facilitating them to manage their digital assets. Geographically, it operates in Hong Kong, Australia, Japan, Singapore, and Mainland China. | $1 | -31% | $1.3B | $1.2B | 19.5x | (26.7x) | ||
| HashKey Holdings Ltd is an investment holding company, principally engaged in digital asset exchange platforms, brokerage services, management of venture capital funds, Web 3 infrastructure services business and technology services. It provides services to both institutional and retail users. The company's business segments are: Transaction facilitation services, On-chain services, and Asset management services. It derived the majority of revenue from the Transaction facilitation services segment, which offers services such as order book trading, block trades, earn products, on/off-ramp functions, and FX conversion, and operates a unified international order book for trading and liquidity. Geographically, it derived the maximum revenue from Hong Kong. | $0 | -- | $653M | $267M | 2.9x | (2.5x) | ||
| Amber International Holding Ltd is a Web3 financial solutions and infrastructure provider, operating under the brand name Amber Premium. It provides institutional market access, execution infrastructure, and investment solutions to help institutions and high-net-worth individuals optimize their digital asset portfolios. Amber Premium offers a regulated, scalable financial ecosystem powered by proprietary trading technology, AI-driven risk management, and quantitative algorithms across CeFi, DeFi, and OTC markets. | $1 | -62% | $130M | $77M | 1.2x | 15.0x | ||
| Metalpha Technology Holding Ltd is a digital asset focused wealth management company. The company predominantly generates revenue from the execution of cryptocurrency-related transactions, which includes the issuance of derivative products to over-the-counter (OTC) clients and its proprietary trading activities. It has partnered with a crypto exchange to provide crypto derivative market-making services for its clients, facilitating the trading of crypto derivative products. In addition, the company also engages in providing traditional financial derivative products, and asset management services. It operates in a single segment which is the trading of proprietary digital assets and derivative contracts, and generates majority of its revenue from Hong Kong. | $1 | -68% | $45M | $10M | 0.2x | 0.7x | ||
| AGM Group Holdings Inc is an integrated technology company. The company focuses on blockchain-oriented ASIC chip design, high-end crypto miner production, and fintech technology software services. The company generates maximum revenue from the sale of cryptocurrency mining machines and standardized computing equipment. | $1 | -62% | $2M | $513K | 0.0x | 0.1x | ||
| Median | $1 | -62% | $130M | $77M | 1.2x | 0.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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