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Huobi Global Co-founder Reportedly Planning To Sell 60% Stake


Huobi Global Co-founder Reportedly Planning To Sell 60% Stake
  • Huobi Group co-founder Leon Li is in discussions with a group of investors.
  • At a shareholder meeting in July, Li allegedly notified Huobi’s current investors.

In order to sell his majority ownership in the cryptocurrency exchange for a price between $2 billion and $3 billion, Huobi Group co-founder Leon Li is in discussions with a group of investors, according to a Bloomberg report.

Sam Bankman-Fried, founder of FTX, and Justin Sun, founder of Tron, are reportedly among the investors who have conducted early meetings with Huobi’s CEO, according to sources familiar with the situation. Li allegedly wants to sell off almost 60% of the company. One of the largest deals in the history of the cryptocurrency business might net Huobi’s creator more than $1 billion.

Driving Growth For Huobi Global

At a shareholder meeting in July, Li allegedly notified Huobi’s current investors, including ZhenFund and Sequoia China, of his plans, with one source claiming that a transaction may be finalized by the end of the month.

The Huobi exchange’s native token, HT, saw a similar increase, from $4.45 to $5.70 after the Bloomberg article was published, before falling back to $5.65 at press time. According to CoinMarketCap, this is still a significant rise of over 7% in value over the last day.

Huobi, founded in 2013, is now registered in Seychelles after being expelled from China after a crackdown on the crypto business. Since its inception, it has grown to become one of the major cryptocurrency markets in the world.

Huobi founder seeking to sell ownership was originally reported on Twitter by China-based crypto journalist Colin Wu in early July.

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