The Bull Case For OSL Group (SEHK:863) Could Change Following Its New Role Powering USDGO Fund

• OSL Group recently announced it has been engaged to power the on-chain tokenization, custody and distribution of PrimePlus SPC – USDGO Plus SP, a Cayman Islands segregated portfolio digital asset fund for eligible professional investors in Hong Kong, built on the U.S. federally regulated, US$-backed enterprise stablecoin USDGO.

• This engagement highlights OSL's role at the center of regulated tokenized fund infrastructure, combining licensed custody, distribution and a fully reserved, audit-backed stablecoin issued by Anchorage Digital Bank N.A.

• We'll now examine how powering this tokenized, USDGO-based market-neutral fund may influence OSL Group's broader investment narrative and outlook.

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OSL Group Investment Narrative Recap

To own OSL Group, you need to believe that regulated stablecoin infrastructure and tokenized products can scale into a meaningful, fee rich payments and custody business, despite current losses and a short cash runway. The USDGO Plus SP engagement reinforces OSL's positioning in regulated tokenized funds, but on its own does not materially change the near term catalyst of growing stablecoin transaction volumes or the key risk that operating costs stay high relative to revenue.

The most relevant recent announcement alongside USDGO Plus SP is the February 2026 launch of USDGO itself, a fully reserved, audit backed US$ stablecoin issued by Anchorage Digital Bank N.A. With USDGO already listed on Kraken and supported by third party custodians like Ceffu, OSL's role in both issuing and distributing USDGO ties directly into the same thesis as the new fund mandate: that deep, compliant stablecoin rails can support more payment flows, tokenized products and fee pools over time.

Yet despite this potential, investors should be aware that OSL still has less than a year of cash runway and rising operating costs...

Read the full narrative on OSL Group (it's free!)

OSL Group's narrative projects HK$24.9 million revenue and HK$9.1 million earnings by 2029. This implies revenue will decline by 89.7% per year and requires an earnings increase of about HK$1.2 billion from current earnings of -HK$1.2 billion.

Uncover how OSL Group's forecasts yield a HK$15.98 fair value , a 53% upside to its current price.

Exploring Other Perspectives

Some of the lowest analysts were assuming revenue would fall to about HK$80.0 million by 2029 even as earnings turned positive, so compared with the consensus narrative they paint a much more pessimistic picture of whether deals like USDGO based funds and your chosen risk around high compliance and licensing costs will really translate into sustainable profitability over time.