Big news as Huobi Group founder Leon Li is in talks with Justin Sun and Sam Bankman-Fried among other investors to sell his majority stakes at $3 billion value.
If the report turns out to be true then this might be crypto’s largest takeover after a $2 trillion global crypto free-fall began due to the bear market.
Leon Li was long contemplating the decision to sell his more than 50% stake in the company, as the crypto exchange Huobi was grappling with revenue.
Reports suggest that Li is seeking to sell off nearly 60% of the firm he founded in 2013 and is discussing the same with a few investors.
Tron founder Justin Sun and Founder and CEO of FTX Sam Bankman-Fried’s FTX are reportedly among those who’ve had ‘previous talks’ with Huobi regarding the share transfer.
As per reports, other supporters who were aware about the sell off during a July shareholders’ meeting were ZhenFund and Sequoia China. Li is apparently looking for a valuation between $2 billion to $3 billion and the deal can be sealed by the end of this month!
Interestingly, a Huobi spokesperson confirmed that Li has had meetings with several international institutions regarding the stake sale, but the spokesperson refused to give the details.
The spokesperson said in an emailed statement, “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.”
Justin Sun has, however, declined the reports saying the firm has not ‘engaged in any such matters’. Also, an FTX spokesperson declined to comment on the matter.
Also Read: Huobi Registers as Digital Currency Exchange Provider in Australia
