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

Crypto mogul Li Lin is set to relocate his private trading business to a Hong Kong-listed company under his control, Bitfire, a wealth management firm where he serves as the largest shareholder. As reported by Reuters, Bitfire will acquire a trading system and investment team from Li's family office, Avenir Group, for $1.6 million. This acquisition essentially transfers a portion of Li's in-house crypto trading operation to a publicly traded entity, providing a clearer path to attract institutional investors. The move aligns with the region's broader trend, as mainland China has prohibited crypto trading since 2021, while Hong Kong is establishing 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. Following the acquisition, Bitfire plans to introduce 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 bitcoin options and products like IBIT. Avenir has established a significant presence in bitcoin ETFs, holding 18.3 million shares of IBIT, issued by BlackRock, with a value of around $908 million as of 2025, according to the company's regulatory filings. Li, the founder of Huobi, now known as HTX, sold a controlling stake to Justin Sun for about $1 billion in 2022 and has since focused on managing investments through Avenir.