What to know : A Hong Kong-listed wealth manager, Bitfire Group, is acquiring crypto trading systems and staff from Avenir Group, the private investment arm of crypto billionaire Li Lin. The transfer effectively moves part of Li’s private trading operation into a public company where he is the largest shareholder. Bitfire plans a strategy targeting more than $700 million in bitcoin-linked assets using derivatives tied to products like the IBIT.
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 cater to growing investor demand for digital assets.
That Hong Kong-listed firm is Bitfire, a wealth management company, where Li is the largest shareholder. Bitfire said Wednesday that 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.
While structured as a purchase, the deal effectively transfers part of Li’s in-house crypto operation into a publicly listed 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, drawing interest from firms looking for a compliant base. Hong Kong recently awarded stablecoin licenses to 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 derivatives trading, including options tied to bitcoin and products like the IBIT.
Avenir has built a significant position in bitcoin ETFs, holding 18.3 million shares of IBIT, issued by BlackRock, valued at about $908 million as of the end of 2025, as per 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 about $1 billion in 2022. He has since focused on managing investments through Avenir.
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