- The founder of Huobi Group, Leon Li, is in negotiations to sell his majority stake in the cryptocurrency exchange for up to $3 billion, reported Bloomberg.
- According to people familiar with the situation, the Chinese crypto-mogul has held talks with a variety of bankers about selling about 60% of the business.
- The founder of Tron Justin Sun and Sam Bankman-Fried's FTX are among those who have spoken with Huobi informally about a share transfer, the people stated.
- One insider claimed that a deal might be closed as soon as this month's end. According to the sources, Li is requesting a valuation of $2 billion to $3 billion, which suggests that a sale might bring in more than $1 billion.
- Also Read: Huobi Global Sees Itself As Safe-Haven' Not Affected' By Crypto Winter, Turmoil
- A Huobi spokesperson confirmed that Li's engaging with several international institutions about the stake sale but declined to offer specifics.
- "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," the spokesperson stated in an emailed statement.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!