Chinese crypto billionaire Li Lin’s private trading empire will soon move into a Hong Kong-listed company he controls, in a move designed to meet growing investor demand for digital assets.
The Hong Kong-listed company is Bitfire, an asset management company in which Li is the largest shareholder. Bitfire said Wednesday it will pay $1.6 million to acquire a trading system and investment team from Li’s own family office Avenir Group, according to Reuters.
Although the deal is structured as a purchase, part of Li’s internal crypto operation is transferred to a publicly traded vehicle, giving it a clearer path to attract institutional investors.
The timing reflects a broader shift in the region. Mainland China has banned crypto trading since 2021, but Hong Kong is positioning itself as a regulated hub for digital assets, attracting interest from companies looking for a compliant base. Hong Kong recently awarded stablecoin licenses to HSBC and Standard Chartered.
By acquiring Avenir’s capabilities, Bitfire plans to roll out a bitcoin-focused strategy, “Alpha BTC,” targeting more than 10,000 bitcoins worth about $760 million in assets within a year.
The strategy will seek returns through trading derivatives, including options linked to bitcoin and products such as IBIT.
Avenir has built a significant position in bitcoin ETFs, holding 18.3 million shares of IBIT, issued by BlackRock, worth about $908 million by the end of 2025, according to the company’s regulatory filing.
Li founded Huobi, now known as HTX, and built it into one of the world’s largest crypto exchanges before selling a controlling stake to Justin Sun for around $1 billion in 2022. He has since focused on managing investments through Avenir.
