Li Lin's Private Trading Division to be Absorbed into a Hong Kong-Listed Wealth Management Company

Crypto mogul Li Lin is set to relocate his private trading operations to a Hong Kong-listed firm, Bitfire, a wealth management company in which he holds the majority stake. The transfer, valued at $1.6 million, involves the acquisition of a trading system and investment team from Li's family office, Avenir Group, effectively shifting part of his private trading activities into a publicly listed entity. This strategic move aims to provide a clearer path for attracting institutional investors. The deal reflects the region's shifting landscape, with Hong Kong positioning itself as a hub for digital assets, following mainland China's ban on crypto trading in 2021. Bitfire plans to launch a bitcoin-focused strategy, 'Alpha BTC', targeting over $760 million in assets within a year, through derivatives trading and products tied to bitcoin. Avenir has already established a significant presence in bitcoin ETFs, holding 18.3 million shares of IBIT, valued at approximately $908 million. Li, the founder of Huobi, now known as HTX, has been focusing on investment management through Avenir after selling a controlling stake in 2022.