Li Lin's Private Trading Division to be Absorbed by Hong Kong-Listed Wealth Management Firm

Billionaire Li Lin is set to relocate his private trading operations to a Hong Kong-listed company under his control, aiming to capitalize on the increasing demand for digital assets among investors. The Hong Kong-listed firm in question, Bitfire, is a wealth management company in which Li holds the largest share. According to a recent announcement, Bitfire will acquire a trading system and investment team from Li's family office, Avenir Group, for $1.6 million. This deal effectively transitions part of Li's in-house cryptocurrency operations into a publicly traded entity, providing a clearer path for attracting institutional investors. The move aligns with the region's shifting landscape, as mainland China has prohibited cryptocurrency trading since 2021, while Hong Kong is positioning itself as a regulated hub for digital assets, attracting firms seeking a compliant base. Recently, Hong Kong granted stablecoin licenses to major banks such as HSBC and Standard Chartered. By acquiring Avenir's capabilities, Bitfire intends to launch a bitcoin-focused strategy called 'Alpha BTC', aiming to manage over 10,000 bitcoins, valued at approximately $760 million, within a year. The strategy will generate returns through derivatives trading, including options linked to bitcoin and products like IBIT. Avenir has established a significant position in bitcoin ETFs, holding 18.3 million shares of IBIT, issued by BlackRock, valued at around $908 million as of 2025. Li, the founder of Huobi, now known as HTX, built it into one of the world's largest cryptocurrency exchanges before selling a controlling stake to Justin Sun for about $1 billion in 2022. Since then, he has focused on managing investments through Avenir.