Huobi Global is set to be acquired by investment firm About Capital

By: Henry Felix

October 9, 2022 9:48 PM

The cryptocurrency exchange On Friday night, Huobi Global announced that it had reached an agreement to be acquired by the M&A fund of Hong Kong-based investment firm About Capital Management. Huobi Global is one of the largest token trading hubs in the Asia markets.

Top-10 exchange Huobi Global wrote on its blog that About will "control the majority stake" of Huobi once the deal closes, but that the change in ownership will not affect the exchange's business.

It has been reported for months that Huobi founder Leon Li was trying to sell off nearly 60% of the company for at least $1 billion. About Capital's portion of the agreement's details were kept secret.

The blog post stated that the exchange would be receiving a "injection of sufficient capital in margin and risk provision fund" under its new ownership.

Huobi was founded in China in 2013, and its CEO, Li, has said that the company's departure from mainland China in late 2021 marked the beginning of a globalization push that will be accelerated under About Capital.

Huobi's token, HT, surged in value as a result of the announcement.