Crypto exchange On Saturday, Huobi Global stated that company founder Leon Li had sold his full controlling interest to About Capital Management of Hong Kong. According to Huobi, About Capital Management’s buyout vehicle will hold the majority of the shares. The shift in the controlling shareholder also has no effect on Huobi’s core operations or its management team.
The Huobi Token (HT) Price rose over 5% as a result of the announcement, reaching a high of $4.50. Along with the ownership shift came a large increase in trading volume.
As per an agreement between Leon Li, the founder of Huobi, and About Capital Management, Huobi Global announced the shift in the controlling ownership in an official blog post on October 8. The cryptocurrency exchange stated that Huobi’s core operations and business management personnel were unaffected.
After the transaction is finished, Leon Li will no longer be involved in Huobi Global’s operations or other decisions.
For Huobi Global, About Capital has planned a number of new worldwide brand marketing and commercial expansion efforts. It consists of a top-tier international strategic advisory board, capital investments in margin and risk provision funds, and competitiveness-boosting tactics.
Price Action
After the shift in Huobi’s controlling shareholder, the price of Huobi Token (HT) increased by more than 5%. Additionally, the trading volume rose by almost 70%. At $4.29 right now, the price has increased by more than 3% during the previous 24 hours.
Huobi Token’s 24-hour low and high are $4.15 and $4.50, respectively. The price of the HT token has drastically decreased as a result of operational and regulatory pressure.
Huobi operates in more than a hundred nations, including the United States, Canada, South Korea, Japan, Hong Kong, the United Arab Emirates, and New Zealand.
