Leon Li, the founder of crypto exchange Huobi Group, is in discussions with investors to sell a roughly 60% stake in the company at a valuation of up to US$3 billion, Bloomberg reported, citing people familiar with the matter.
Those that are reportedly in talks for the share transfer include Tron founder Justin Sun as well as cryptocurrency firm FTX. With Li’s target valuation of US$2 billion to US$3 billion, the share sale could be worth more than US$1 billion, Bloomberg reported.
However, it isn’t clear if the deal includes Huobi Technology, the firm’s Hong Kong-listed affiliate.
The stake sale, which could be completed by the end of this month, comes amid a crypto downturn that has devastated crypto market values in the past eight months.
In July, Huobi lodged a license application for its Hong Kong unit to become a regulated virtual asset trading platform.
See also: How this rarest of crypto startups is shrugging off winter
Editing by Jaclyn Tiu
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