Huobi will be acquired by Hong Kong-based About Capital Management

Huobi will sell a majority stake to Hong Kong-based investment company About Capital Management, Huobi announced in a blog post.

As the change in ownership occurs, there will be no impact on the exchange’s core operations, and Huobi said it will focus on international business expansion. This includes the creation of a global strategic advisory board led by “leading industry figures,” as well as the formation and capital infusion of a risk provision fund, the Asia-based exchange said.

Financial terms of the deal were not disclosed.

In late August, rumors that FTX founder and CEO Sam Bankman-Fried would purchase the exchange were laid to rest when he confirmed no such plans existed.

Huobi’s exchange token, HT, rose in response to the news, currently trading around $4.42.

HT trading view

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About Author

Jeremy Nation is a Senior Reporter at The Block covering the greater blockchain ecosystem. Prior to joining The Block, Jeremy worked as a product content specialist at Bullish and He also served as a reporter for ETHNews. Follow him on Twitter @ETH_Nation.