Hong Kong-listed Bitfire Group Holdings Ltd (1611.HK), a wealth management and digital asset services provider formerly known as Sinohope Technology, has agreed to acquire the investment and trading team from Avenir Group, the family office of its largest shareholder "Leon" Li Lin, for about $1.6mn.
Hong Kong Wealth Manager Acquires Crypto Pioneer's Trading Team
23 April 2026 - 09:03 CEST
The deal transfers proprietary trading capabilities and nearly 20 professionals into a regulated public vehicle, accelerating the firm's push into Bitcoin-focused asset management amid Hong Kong's efforts to become a leading virtual asset hub.
Private expertise enters regulated structure
The acquisition includes Avenir's core team across research, trading and risk control, along with its proprietary trading system that boasts nearly two years of operational history. Li, who founded the major crypto exchange Huobi (now rebranded as HTX), controls approximately 30% of Bitfire's shares. The transaction, confirmed by both parties and disclosed via regulatory channels, migrates Li's private Bitcoin operations into Bitfire while Avenir shifts focus to managing its own funds.
Bitfire, which completed its rebrand from Sinohope Technology in March after acquiring the compliant Japanese crypto exchange BitTrade in 2025, holds licences from Hong Kong's Securities and Futures Commission (SFC) for securities dealing, advising and asset management. It also holds a trust or company service provider (TCSP) licence.
Alpha BTC targets yield on Bitcoin holdings
Bitfire launched Alpha BTC as the first regulated Bitcoin-denominated asset management service in Hong Kong. The strategy targets professional investors, including family offices and Hong Kong-listed companies, and offers core exposure to spot Bitcoin and BlackRock’s iShares Bitcoin Trust (IBIT) – a major US-listed spot Bitcoin exchange-traded fund managed by the world's largest asset manager – while using derivatives such as options to generate additional yield on those holdings.
"Alpha BTC fills the gap for regulated Bitcoin-denominated enhancement strategies in Hong Kong," said Bitfire CEO Livio Weng in interviews with Reuters and Bloomberg. He noted the product allows clients to earn returns on Bitcoin holdings within Hong Kong's regulatory framework.
As of April 2026, Bitfire served around 400 active clients with global assets under management of $293mn. Weng indicated the firm has already received initial investment indications of about $500mn and aims to attract capital equivalent to more than 10,000 Bitcoin – roughly $760mn at current prices – within the next year. This ambitious target would represent a significant multiple of current AUM and relies on inflows from Hong Kong's expanding family office sector.
Li's Bitcoin legacy drives expansion
Li ranks among the most influential first-generation Chinese crypto entrepreneurs. He launched Huobi in 2013 and built it into one of the world's leading cryptocurrency exchanges before selling his controlling stake to crypto billionaire Justin Sun in 2022 for about $1bn, following China's ban on crypto trading. He then established Avenir Group, his family office named after the French word for "a better future," which became one of Asia's largest institutional holders of Bitcoin ETFs. As of end-2025, Avenir held approximately 18mn shares of BlackRock's IBIT, valued at around $908mn at the time.
The move aligns with Hong Kong's broader push to promote wealth management and digital assets, including proposed tax concessions for family offices investing in virtual assets. As a related-party transaction involving the largest shareholder, the deal is subject to the standard governance and independent approval processes.
