Bloomberg reported on April 22 that Bitfire Group Holdings, a wealth management company listed in Hong Kong, has acquired about 20 people from the trading team and its trading system from Avenir Group, a family office owned by Li Lin, the founder of Huobi Group. Bitfire CEO Livio Weng confirmed the deal to Bloomberg, saying that after integration, the company has received an initial investment intention of about $500 million.
Deal structure: Avenir focuses on its own capital, while Bitfire handles external asset management
The core logic behind this transaction is a clear reorganization of business responsibilities. Jacob Zhong, a managing partner for strategic investments and partnerships at Avenir, said the acquisition will combine Avenir’s investment team with Bitfire’s product and service capabilities, accelerating Bitfire’s growth. Livio Weng added: “This deal enables Avenir to focus on managing its own capital, while Bitfire is responsible for external asset management.”
The acquired team includes professionals in areas such as investment research, trading, and risk control. Its core strategy focuses on “AlphaBTC”—creating returns in excess of simply holding bitcoin by using bitcoin options contracts—aimed at attracting institutional investors and high-net-worth investors that are considering increasing their allocation to crypto assets.
Avenir Group: The background story of being an Asia-leading institutional bitcoin holder
Avenir Group was founded in 2023 as a family office after Li Lin sold his controlling stake in Huobi in 2022. As of December 31, 2025, Avenir holds more than $900 million worth of bitcoin ETFs, branding itself as Asia’s largest institutional bitcoin holder. Huobi was co-founded by Li Lin in 2013 (when he was an Oracle engineer) and was once one of the world’s most active bitcoin exchanges.
Bitfire private banking: 300 clients, with Ethereum strategies set for expansion
Bitfire launched its private banking business in August last year. It has already accumulated about 300 clients, mainly including family offices, listed companies, and high-net-worth individuals. The company plans to expand its Ethereum and stablecoin trading strategies later this year. Livio Weng expects the asset management scale (AUM) of the private banking business to exceed $1 billion within two years.
Frequently asked questions
What kind of company is Bitfire, and what role does Li Lin play in it?
Bitfire Group Holdings (listed in Hong Kong; formerly known as Sinohope) is a wealth management company in Hong Kong that provides private banking and asset management services related to digital assets. Li Lin is Bitfire’s largest shareholder (30% stake) and also the founder of Avenir Group. Integrating Avenir’s trading team into Bitfire is an important strategic move by Li Lin to accelerate the commercialization of its wealth management business.
What core investment strategy will the acquired trading team adopt?
The core strategy is “AlphaBTC,” which creates returns in excess of simply holding bitcoin by using bitcoin options contracts. This strategy is mainly aimed at institutional investors and high-net-worth individuals, seeking to provide them with more attractive risk-adjusted returns than passive bitcoin holding.
How far along has Bitfire’s private banking business developed?
Since it was launched in August of last year, Bitfire’s private banking business has accumulated about 300 clients (including family offices, listed companies, and high-net-worth individuals). After the addition of the new trading team, it has also obtained an initial investment intention of about $500 million. CEO Livio Weng expects AUM to exceed $1 billion within two years.
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