Huobi Global, once the leading crypto exchange in China and Asia, has announced its acquisition by the investment strategy company, About Capital Management.

This announcement was made on October 7, months after Huobi’s founder, Leon Li was thinking about selling his 60% ownership of the company to anyone who was interested in paying a billion dollars for it. The details of the acquisition by About Capital Management, however, were not made public.

According to Huobi Global, the Hong Kong-based investment firm, About Capital plans on expanding Huobi internationally and increasing its capital in margin and provision funds. The deal will not change Huobi’s trading operations and business management team. Only the shareholders-in-charge will be changed. About Capital will now own the majority of Huobi Global’s stakes.

Succeeding this new transfer of ownership, Huobi will focus its business strategies and implementations to make sure the crypto exchange gains international recognition and expansion. A global strategic advisory board headed by some of the best figures in the industry will also be created to execute these plans.

After this deal was disclosed to the public, the value of Huobi’s native token, HT, increased to $5.22. Even with this gain, HT is nowhere near its all-time high of approximately $40 in May 2021.

Statistics on Huobi Global’s native token, HT. Source: CoinGecko.

Since its inception in 2013, Huobi has witnessed great changes in the crypto space – from the great crypto boom to its bearish market. The crypto exchange stopped offering services to its Chinese customer base in accordance with the 2021 Beijing ban. Currently, the native token suffers along with its fellow tokens in the bearish market the crypto community is experiencing.