The co-founder of the Asian crypto exchange Huobi Global, Leon Li, is currently in talks with several potential buyers as he is looking to offload a majority stake in the company.
The deal could value Huobi at an eye-watering $3 billion, sources close to the situation say.
Huobi Co-Founder Contemplating $1 Billion Exit
Citing people familiar with the discussions, Bloomberg izvještaja Friday that Leon Li is seeking to sell a 60% stake in Huobi, one of the oldest and largest cryptocurrency exchanges. The deal could fetch a $3 billion equity valuation for the exchange.
Sources told the publication that Tron founder Justin Sun and FTX founder Sam Bankman-Fried have already held preliminary talks with Li about acquiring the shares.
“He [Li] 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,” a representative of the Seychelles-headquartered exchange told Bloomberg.
If executed, the deal — which could be concluded before the end of this month — would net the Huobi founder over $1 billion, making it one of the largest ever in the crypto sector.
Huobi’s existing investors, including Sequoia China and ZhenFund, were made aware of Li’s majority stake sale intentions during a shareholder meeting in July, the Bloomberg report stated.
Justin Sun has denied holding any negotiations with Li concerning the sale.
Source: https://zycrypto.com/bankman-fried-and-justin-sun-reportedly-eyeing-purchase-of-majority-stake-in-crypto-exchange-giant-huobi/