Huobi founder Leon Li is reportedly trying to sell most of his interests in the exchange. The deal could be worth around $3 billion making it the biggest buy in the history of the crypto market.
According to a report released by Bloomberg, Houbi's founders have held several dialogues with financiers. Leon Li wants to sell around 60% of his holdings. However, FTX and Tron Sam Bankman-Fried founder Justin Sun is reportedly in a race to buy the shares for sale. They had started contacting Houbi regarding the transfer of shares.
A Huobi spokesman endorsed the agreement but declined to provide specific details. He said that Leon Li was meeting with several international entities regarding the sale of shares.
The spokesman stressed that Li hopes the new shareholder will bring more power and resources to the Houbi crypto exchange. At the same time, an FTX spokesman stressed that Li hoped the new shareholder would bring more power and sources to the exchange, stating that he had not yet entered into any negotiations with Houbi's founders regarding the sale.
Previously, backers of the ZhenFund and Sequoia China exchanges cited Li's decision in a shareholder meeting. They said that the agreement could be done at the end of July. Although one shareholder suggested that it was looking for a sale at nearly $3 billion.
So far, it is unclear whether this takeover will involve Hong Kong-listed Huobi Technology Holdings Ltd. Meanwhile, several large corporations are taking advantage of the recent market slump by buying troubled firms.
