Huobi Global Finalize Plans to Sell Majority Stake to About Capital

Seychelles-based cryptocurrency exchange Huobi Global has announced that it is selling a majority stake to About Capital Management.

Per a published statement, “the controlling shareholder has completed the transaction to sell its entire shareholding in Huobi Global to the buyout vehicle managed by About Capital Management (HK) Co., Limited.”

Automatically, this will result in a transfer of ownership to the controlling shareholder which is believed to not affect Huobi’s core operations and business management, teams. About Capital Management is already making plans for several international brand promotions and business expansion initiatives following when the transaction is fully completed. 

About Capital Management also plans to launch a global strategic advisory board similar to that of the world-leading cryptocurrency exchange Binance.

The global strategic advisory board will onboard industry experts who will handle the introduction of sufficient capital in margin and risk provision funds. Likewise, they will take measures to further enhance competitiveness.

After the initiative has been successfully implemented, Huobi Global will offer top-notch trading options as well as investment services to international investors around the globe. 

Huobi Push For Global Market

Leon Li, the founder of the Seychelles crypto exchange recognizes the merger as a new beginning for Huobi Global. Markedly, Li had earlier declared his plans to sell its 60% stake in the company at a valuation of $3 billion. He emphasized that the exchange has recorded immense growth since its inception nine years ago.

“Over the past nine years, we have witnessed Huobi’s ascendence into one of the largest virtual asset exchanges in the world. Following Huobi’s exit from the Chinese mainland market in 2021, we have accelerated our globalization push amidst a challenging market environment, which adds to the impetus for Huobi to seek a new shareholding structure with a global vision and international resources. 

We believe the successful acquisition by About Capital vehicle will contribute to Huobi’s global expansion in both aspects,” Li explained.

Over a month ago, FTX Chief Executive Officer Sam Bankman-Fried debunked rumors that he intended to acquire Huobi Global. Although he had contributed significantly to saving many troubled crypto firms, he announced that he wasn’t planning to acquire the crypto exchange directly or indirectly.