Huobi Founder Moves Trading Team to HK, Targets 10K BTC in Managed Assets

A significant development is unfolding in Asia’s crypto-financial landscape as Chinese crypto entrepreneur Li Lin moves to expand bitcoin-linked asset management operations through Hong Kong. Lin, best known for founding Huobi (now rebranded as HTX), is repositioning his crypto strategy by integrating trading infrastructure from his family office, Avenir Group, into Bitfire Group, where he is the largest shareholder.

As reported by Reuters, Bitfire confirmed it will acquire Avenir’s investment team and trading systems for $1.6 million. The move marks a major step toward institutionalizing crypto asset management within a regulated framework.

Institutional BTC demand

The move is specifically aimed at launching regulated, Bitcoin-denominated investment strategies targeting both institutional and crypto-native investors. Bitfire CEO Livio Weng said the firm plans to roll out an “Alpha BTC” strategy designed to attract capital exceeding 10,000 Bitcoin (BTC)—valued at roughly $760 million at current prices—within a year.

Its core proposition, according to Weng, is straightforward: generate returns for bitcoin holders through derivatives trading—primarily options—using actual bitcoin or BlackRock’s iShares Bitcoin Trust (IBIT) as the underlying asset.

Weng noted, “Market demand for such products is huge,” pointing to the growing number of Hong Kong firms holding Bitcoin on their balance sheets. Bitfire estimates that at least 40 publicly listed local firms currently hold the digital asset but lack the internal infrastructure to generate yield from those reserves. 

Why Hong Kong?

The development comes as Hong Kong accelerates efforts to establish itself as a global virtual asset hub, drawing a sharp contrast to mainland China’s comprehensive ban on cryptocurrency trading since 2021.

Li Lin’s expansion follows his earlier exit from Huobi, where he sold a controlling stake to crypto entrepreneur Justin Sun in 2022 for around $1 billion, amid tightening regulatory conditions in the mainland. 

The move also comes amid heightened scrutiny of crypto-linked financial networks in China. Recently, Chinese authorities arrested Li Xiong, the former chairman of Huione Group, over allegations that the company operated a $4 billion global money-laundering network. 

Avenir’s expanding footprint

Prior to this integration, Avenir Group has already emerged as a major player in digital asset investments. Regulatory filings show it held 18.3 million shares of BlackRock’s iShares Bitcoin Trust, valued at approximately $908 million by the end of 2025, making it one of Asia’s largest institutional Bitcoin ETF investors.

This positions the firm, and now Bitfire, to immediately capitalize on rising institutional demand. The initiative underscores a broader shift in the Asian crypto industry—moving away from speculative retail trading and toward institutional-grade asset management in jurisdictions offering clear regulatory oversight like Hong Kong.

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