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Main Hall - August 13, 2022

Founder of Crypto Exchange Giant Huobi in Talks To Sell His Shares for Over $1,000,000,000: Report

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Founder of Crypto Exchange Giant Huobi in Talks To Sell His Shares for Over $1,000,000,000: Report


The founder of crypto exchange platform Huobi is reportedly looking to sell his shares of the Seychelles-based firm for a over billion dollars.


According to a new report by Bloomberg, Huobi founder Leon Li is in talks with investors to sell about 60% of his stake in the company that’s seeking a valuation of $3 billion.


According to the report, the sale of Li’s shares could amount to as low as $1 billion if Huobi is valued at the low-end of the range at $2 billion.


Anonymous sources familiar with the matter told Bloomberg that FTX CEO Sam Bankman-Friend and Tron founder Justin Sun were among the people who showed interest in purchasing the shares.


While an FTX spokesperson declined to comment, Sun is denying any involvement in the potential purchase of Huobi’s shares to his 3.3 million Twitter followers.


“We have not engaged [in] any matters related to the Bloomberg story at this moment.”


Huobi responded to Sun’s tweet with an emoji of wide-set eyes.


News of the possible sale sent Huobi’s native crypto token HT skyrocketing as it rallied from $4.37 to $5.46, a 25% gain in just one day. HT has since stabilized and is changing hands for $5.22 at time of writing, a nearly 20% increase compared to its price 24 hours ago.


A Huobi spokesperson confirmed to Bloomberg Li’s intention to sell his shares in an email but did not offer specific details.


“[Li] hopes that the new shareholders will be more powerful and resourceful, and that they will value the Huobi brand and invest more capital and energy to drive the growth of Huobi.”