Coindesk reported that Bitfire Group, a Hong Kong-listed asset management company, is acquiring the cryptocurrency trading system and some personnel of investment firm Avenir Group. Avenir Group is the private investment firm of Li Lin, the founder of Huobi (now HTX) and a Chinese crypto tycoon, and Li Lin is also the largest shareholder of Bitfire. This is effectively a structure where personal operations are incorporated into a listed company. Bitfire aims to manage over $700 million in BTC-linked assets using products such as BlackRock's spot BTC ETF, IBIT.
