OSL Reports HK$55.8 Billion in H1 Revenue After Shift to Gross Accounting
Payments represented 88% of revenue, predominantly through on- and off-ramping. Revenue less the cost of digital assets sold fell to HK$130.9 million.
OSL Group reported HK$55.8 billion in revenue for the six months ended June 30, 2026, with its payments category accounting for about 88% of the total. The headline figure reflects a change to gross presentation for certain digital asset transactions, making the associated cost of assets sold essential to interpreting the results.
The Hong Kong-listed group’s August 31 interim filing recorded HK$55.813 billion in revenue and HK$55.682 billion in digital asset costs. The difference was HK$130.9 million, down from HK$195.4 million in the restated first half of 2025. OSL interim results, pages 2 and 33.
Why the revenue number became much larger
On August 20, OSL’s board approved gross presentation under IFRS 15 for digital assets that are not financial instruments when the group acts as principal. The change applies from the reporting period beginning January 1, 2026, with comparative historical figures restated.
Under this presentation, revenue includes the consideration received for the assets sold, and the cost of those assets appears separately. The accounting change itself does not increase profit or cash flow. Transactions involving digital assets that meet the definition of financial instruments continue to be reported on a net basis under IFRS 9. OSL accounting announcement.
The practical consequence is that the gross revenue figure should not be read as fees retained by OSL. Comparing it with an earlier, unadjusted net revenue number would also mix two accounting presentations.
On- and off-ramping dominates the payments category
The interim filing separates four revenue lines under payments. On- and off-ramping contributed HK$49.053 billion, while stablecoin distribution contributed HK$25.4 million and the specific stablecoin payment line contributed HK$1.5 million. A further HK$2.9 million came from trading digital assets classified as financial instruments.
Together, those lines total approximately HK$49.083 billion, or 88% of group revenue. Most of that category is therefore gross on- and off-ramp activity. The 88% figure does not mean that 88% of OSL’s revenue came from the narrower stablecoin payment service. Interim results, pages 13–14.
Three measures tell different parts of the story
Measure — H1 2026 — H1 2025
Revenue, gross presentation — HK$55.813bn — HK$33.671bn, restated
Revenue less cost of digital assets sold — HK$130.9m — HK$195.4m, restated
Adjusted non-IFRS income — HK$330.9m — HK$188.6m
The filing reports revenue growth of 65.8% against the restated comparison. Revenue less digital asset costs declined by approximately 33.0%, calculated from the same filing’s figures.
Adjusted non-IFRS income is a separate management measure. OSL reconciles it by adding back specified digital asset fair-value and facilitation losses to revenue less digital asset costs. It should not be described as IFRS profit. The group reported a loss from continuing operations of HK$860.9 million for the period. Interim results, pages 2 and 33.
Volume, gross sales and retained economics
OSL’s accompanying release reported HK$172 billion in transaction volume for the half year. That describes activity across its business, not another measure of revenue earned. OSL results announcement.
For readers following stablecoin payment infrastructure, the distinction is useful beyond one company. A growing conversion business can generate large gross sales because it buys and sells the underlying assets as principal. The economic contribution depends on what remains after the asset costs and other expenses.
OSL’s results show why the category labels and accounting reconciliation belong beside the headline number. The company’s payments business represents a substantial share of reported activity, while the retained spread, adjustments and operating costs provide a different view of its financial performance.