Just-In: Huobi Founder Sells Entire Controlling Stake, HT Token Price Soars

Crypto exchange Huobi Global on Saturday announced that its founder Leon Li has sold his entire controlling stake to Hong Kong-based About Capital Management. As per Huobi, the buyout vehicle of About Capital Management will be the controlling shareholder. Also, Huobi’s core operation and business management teams have no impact from the change in the controlling shareholder.

As a result of the announcement, the Huobi Token (HT) Price soared over 5% to hit a high of $4.50. The trading volume also jumped significantly with the change in ownership.

Huobi Founder Sells Majority Stake in Huobi Global

In an official blog post on October 8, Huobi Global disclosed the change in the controlling shareholder as part of an agreement between Huobi founder Leon Li and About Capital Management. However, the crypto exchange confirmed no impact on Huobi’s core operation and business management teams.

Moreover, Leon Li will cease to be involved with operations and other decisions of Huobi Global after the completion of the transaction.

About Capital plans a series of new international brand promotion and business expansion initiatives for Huobi Global. It includes a leading global strategic advisory board, capital injection in margin and risk provision funds, and strategies to improve competitiveness.

Also, About Capital think the crypto exchange will be better positioned to offer first-class trading and services to international investors. In fact, Huobi was the 2nd largest crypto exchange after Binance. However, the situation faded amid the crypto crackdown by Chinese authorities.

Huobi completely exited China on December 31 last year. The crypto exchange closed all accounts of mainland China users.

Earlier, FTX, Tron’s founder Justin Sun, and Binance showed interest in acquiring Huobi Global. Leon Li was reportedly seeking to sell his 60% stake for a valuation of nearly $3 billion. It means the deal with About Capital is valued at least $1 billion.

HT Token Price Soars Over 5%

Huobi Token (HT) price jumped over 5% after the change in the controlling shareholder of Huobi. The trading volume also increased by nearly 70%. The price is currently trading at $4.29, up over 3% in the last 24 hours.

The 24-hour low and high for Huobi Token are $4.15 and $4.50, respectively. The HT token price has dwindled immensely amid regulatory and operational pressure.

Huobi has operations in over 100 countries including the U.S., Canada, South Korea, Japan, Hong Kong, the UAE, and New Zealand.