Strategic Move: Hong Kong’s Bitfire Acquires Crypto Trading System from Huobi Founder’s Firm

Hong Kong-listed Bitfire Group acquired a proprietary cryptocurrency trading system and key personnel from Avenir Group (the private investment arm of Huobi/HTX founder Li Lin) on March 21, 2025. The deal integrates Li Lin’s crypto operations into a public vehicle—he’s already Bitfire’s largest shareholder—and aims to position Bitfire to manage over $700 million in Bitcoin-linked assets using institutional products such as BlackRock’s spot Bitcoin ETF (IBIT). Set against Hong Kong’s evolving regulatory framework for virtual asset service providers, the transaction is intended to enhance execution, risk controls and institutional credibility, potentially attracting traditional finance capital in Asia. Market impact: the move accelerates institutionalization in the region, could increase demand for BTC exposure via regulated vehicles, and serves as a potential blueprint for other crypto founders seeking scale and public-market access.