Huobi Group boss offloads 60% stake

Huobi Group founder Leon Li is reportedly in talks to sell his stake in the company.

According to Bloomberg, Li is looking to sell assets worth $3bn at present market value. The publication said that the man has been in talks with a number of investors who would be interested in buying what appears to be around 60% of the company.

Huobi was founded in the early 2010s and has been one of the most prominent entities in the sector – also one of the most resilient and recognizable names.

Among those who have shown interest in the assets are Tron founder Justin Sun and crypto billionaire Sam Bankman-Fried. Both men have been known to shop around for crypto assets that they could secure at a good price.

However, Li is not likely to sell on the cheap. The report outlines the possibility of a deal completing very soon – by the end of the month, which means that he is eager to unload the share or already has a suitable investor he is willing to entrust with the share.

An email statement for Bloomberg said: “He hopes that the new shareholders will be more powerful and resourceful, and that they will value the Huobi brand and invest more capital and energy to drive the growth of Huobi.”

Huobi has been impacted by both local regulation and the sharp downturn in the crypto sector. Worst though was the decision of the Chinese government to restrict all cryptocurrency operations which limited Huobi’s scope of operation dramatically.

Huobi is still a leader as it has been able to handle more transactions on an average day than other popular competitors, such as Coinbase Global. The reason behind Li’s decision to sell has not been revealed.

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Source

Updated: 08/12/2022 — 10:00