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Chinese Crypto Tycoon Wants $3 Billion for Huobi Stake Deal

1 min
Updated by Remmy Bahati
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In Brief

  • Huobi co-founder reportedly seeks to sell majority stake at 3 billion
  • Deal could be biggest in crypto industry
  • International giants to buy Li's Houbi Stake
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Leon Li, the co-founder of global crypto exchange Huobi is wrapping up plans to sell most of his shares in the company valued at $3 billion Bloomberg reports.

According to Houbi group spokesperson, Li has already informed his business associates about his decision and announced at a shareholders meeting in July that he might hand over his roles in the company to focus on his ailing health.

Li in talks with investors seeking to offload a stake

 Li has held talks with various bankrollers seeking to grab a 60% state in the crypto company, and it is reported that Tron founder Justin Sun and cryptocurrency firm FTX are the interested parties seeking to take over. If sold at 3 billion, this could be one of the biggest share sales, according to Bloomberg.

Those that are reportedly in talks for the share transfer include Tron founder Justin Sun as well as cryptocurrency firm FTX. With Li’s target valuation of US$2 billion to US$3 billion, the share sale could be worth more than US$1 billion, Bloomberg reported.

Houbi faces regulators over Compliance

Houbi, which was launched in 2013, took the industry by storm becoming one of the biggest crypto exchanges. It has however been having a hard time with regulators. Thailand’s securities regulator sought to shut down digital-asset exchange.

Houbi quits Beijing

Huobi founders also resolved to quit trading in China after the government made the tightened the the laws on crypto currencies. It was upon this that the regulators, suspended their services.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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Remmy Bahati
Remmy Bahati, is a crypto and technology reporter. She is on Twitter @BahatiRemmy. She has a Master of Science in Journalism from Columbia University in New York City. A television producer, video editor and writer, she has contributed to CNN, Columbia News Service, New York Times digital, NBS TV, TRT World, BBC, Huffington Post and Citizen TV.