Hong Kong-listed Bitfire to acquire crypto trading system from firm of Huobi founder

Hong Kong-listed asset manager Bitfire Group will acquire the cryptocurrency trading system and some personnel from investment firm Avenir Group, CoinDesk reported. Avenir Group is the private investment firm of Li Lin, the founder of Huobi (now HTX) and a prominent Chinese crypto investor. Li is also the largest shareholder in Bitfire, effectively merging his personal operations into the publicly traded company. Bitfire aims to manage over $700 million in Bitcoin-linked assets using products such as BlackRock's spot Bitcoin ETF, IBIT.