Key Takeaways
Huobi founder Leon Li is reportedly in talks with a number of traders, together with rival trade FTX and TRON founder Justin Sun, to promote 60% of the trade at a $3 billion valuation.
If finalized, the deal might be one of many largest in the crypto business, netting Li personally roughly $1 billion.
Contrary to the media experiences, Justin Sun has denied ever participating with Li concerning the sale.
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The deal might be one of many largest in the crypto business, netting Li over $1 billion at an fairness valuation of round $3 billion.
Huobi Founder Eyeing $1B Exit
Huobi founder Leon Li is reportedly in talks with traders to promote roughly 60% of the trade.
According to a Friday Bloomberg report, the founding father of one of many world’s largest cryptocurrency exchanges, Huobi Global, has held talks with a number of traders, together with rival crypto trade FTX and TRON founder Justin Sun, to promote a majority stake in the corporate. Citing individuals accustomed to the matter, Bloomberg mentioned that Li was searching for a valuation of round $2 billion to $3 billion, that means he might personally internet round $1 billion from the sale. If concluded, the deal might mark one of many largest acquisitions in the crypto business.
The Seychelles-based Huobi was China’s largest cryptocurrency trade earlier than the nation banned cryptocurrencies final 12 months. Despite struggling a big blow to its revenues following the ban, the trade has remained one of many largest in the business, recording a day by day buying and selling quantity of round $1.1 billion. That’s about half the day by day buying and selling quantity of U.S.-based Coinbase, which is presently valued at round $19 billion.
A Huobi spokesperson has reportedly confirmed to Bloomberg that Li had negotiated with a number of institutional traders concerning the sale. “He 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,” they mentioned. Despite experiences to the opposite, TRON founder Justin Sun has denied ever participating with Li in regards to the sale.
Huobi’s token HT surged about 25% from $4.48 to $5.46 on the information earlier than erasing a few of its features. According to CoinGecko information, HT is presently buying and selling at round $5.30, about 86.7% down from its all-time excessive worth of $39.66 in May 2021.
Disclosure: At the time of writing, the writer of this piece owned ETH and a number of other different cryptocurrencies.
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