Li Lin's Private Trading Operation to Integrate with Hong Kong-Listed Wealth Management Firm

A significant development is unfolding in the crypto space as Li Lin, a prominent Chinese crypto entrepreneur, is set to relocate his private trading operations to a Hong Kong-listed wealth management company, Bitfire, in which he holds a majority stake. This strategic move is designed to capitalize on the growing demand for digital assets among investors. Bitfire has agreed to acquire a trading system and investment team from Li's family office, Avenir Group, for $1.6 million, effectively transferring part of Li's in-house crypto trading operations to a publicly listed entity. This transition is expected to provide a clearer path for attracting institutional investors. The move comes at a time when Hong Kong is positioning itself as a regulated hub for digital assets, having recently granted stablecoin licenses to major banks such as HSBC and Standard Chartered. Following the acquisition, Bitfire plans to launch a bitcoin-focused strategy called 'Alpha BTC', aiming to manage over $760 million in assets within a year. The strategy will involve derivatives trading, including options tied to bitcoin. Avenir has already established a substantial presence in bitcoin ETFs, holding 18.3 million shares of the IBIT, valued at approximately $908 million. Li, who founded and sold Huobi, a leading crypto exchange, for about $1 billion in 2022, has been focusing on investment management through Avenir.