News View Non-AMP

Sam Bankman-Fried & Justin Sun to Buy Majority of Huobi Global Exchange?

Written by: Elena R

August 12, 2022

Leon Li, the founder of huobi , is in talks with investors for selling his majority stakes in the crypto-exchange with a valuation of more than $3 billion, as reported by Bloomberg.

It is estimated that this could be one of the biggest deals ever in the crypto industry since the $2 trillion crypto rout began. According to coingecko , Huobi is one of the largest crypto exchanges with a daily trade volume of over $1 billion. 

Li is seeking to sell roughly 60 percent of the company and has held preliminary talks with tron founder justin sun and FTX founder sam bankman fried , the report stated, citing people familiar with the matter. 

The existing investors of the company including ZhenFund and Sequoia China were informed about Li’s decision during the July shareholders’ meeting. It is estimated that the deal might be concluded by the end of this month. Li is seeking a valuation of $2 billion – $3 billion, implying the stake sale could fetch upwards of $1 billion. 

If concluded it will be one of the biggest deals in the crypto industry, keeping in mind the “crypto winter”. With the crypto market spiraling down, many big firms were forced to cut costs and jobs, whereas this will be the first instance where a majority stake will be sold by one of the biggest crypto firms. 

Huobi was one of the most active bitcoin org  trading platforms on the globe, but it had to retreat from China which was once its biggest user base and revenue source. After Beijing declared crypto-transactions illegal last year, Li’s company stopped providing services to Chinese users. 

Huobi has roughly handled $1.12 billion of crypto transactions over the 24 hrs to August 12, a little more than half of the trades hosted by Coinbase Global Inc., according to CoinGecko. 

After bloomberg report was published, Huobi’s native token HT saw an increase of 25 percent to $5.43, hitting a high of $5.80 at one point. 

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Cryptocurrency Experts Predict Flasko (FLSK) Will Surpass Ethereum Classic (ETC) and Litecoin (LTC) In 2023

The cryptocurrency industry's ecology is ever-changing. Innovation in the crypto industry keeps investors motivated to…

October 1, 2022 (GLO) Vault Diversifies With PolySwarm (NCT), The Sandbox (SAND) And Decentraland (MANA)

In a move that will surely shake up the blockchain space, Uniglo has announced that…

October 1, 2022

Flasko (FLSK) Rises As Cosmos (ATOM) And FTX Token (FTT) Run Into Trouble

Investments are in the red as the cryptocurrency market crashes badly in 2022, burning investors…

October 1, 2022

Bitcoin (BTC) Price Prediction 2022, 2023, 2024, 2025: Will BTC Price Go Up To $25K This Q4?

The market leader Bitcoin has had a tough sail since the start of 2022. The…

October 1, 2022

Will Bitcoin (BTC) Price Drop To $12K in October? Decoding The Possibility

Top cryptocurrencies fail to pique traders' interest, and the cryptocurrency market remains dominated by bears.…

October 1, 2022

Breaking Bad Actor Says XRP Will Win its Long Impending Battle Against SEC

Hollywood stars who have been vocal about cryptocurrencies on Twitter and in other ways over…

September 30, 2022