Huobi Acquired by About Capital Management Amidst Rumors of $3 Billion Sale

Huobi Acquisition Details

Huobi, once a major competitor to Binance, has been acquired by About Capital Management, an asset management firm based in Hong Kong. The deal, rumored to be worth $3 billion, has sparked significant interest in the crypto community. While the exact terms of the acquisition remain unclear, sources suggest that Justin Sun, founder of Tron, may be the real buyer behind the deal.

The Huobi Token (HT) has responded positively to the news, trading at $4.46 at the time of writing, reflecting a 7.75% increase in the last 24 hours. With a market cap of $684 million, HT ranks 60th among cryptocurrencies by market capitalization.

Background of Huobi

Huobi, once a dominant player in the crypto market, faced challenges in 2022 following the arrest of its founder, Li Lin, in 2020. Despite holding compliance licenses in multiple jurisdictions, including the U.S., Hong Kong, and Japan, the exchange struggled to maintain its position. With over 20 million users, Huobi remains a significant player in the industry.

Market Reaction and Speculation

The acquisition has led to widespread speculation, with rumors involving high-profile figures like Justin Sun, Sam Bankman-Fried of FTX, and even Binance. While the exact details of the sale remain unconfirmed, the involvement of major industry players underscores the strategic importance of Huobi in the global crypto landscape.

The deal highlights the ongoing consolidation in the cryptocurrency market, as exchanges seek to navigate regulatory challenges and competitive pressures. For now, the acquisition of Huobi by About Capital Management, and the potential involvement of Justin Sun, continues to dominate crypto headlines.