Home » FTX not considering Huobi buyout, says CEO Sam Bankman-Fried

FTX not considering Huobi buyout, says CEO Sam Bankman-Fried

by Thomas

Following a Bloomberg report earlier this month about a potential buyout of Huobi’s CEO by FTX, Sam Bankman-Fried has clarified the situation. Bankman-Fried said via Twitter that this was just speculation, and that the company was not considering a buyout.

No, FTX will not buy Huobi

Two weeks ago, Bloomberg reported that Leon Li, the CEO of the Huobi exchange, was planning to sell his 60% stake in his own company.

The reasons given included the shutdown of the platform’s services in China, a market area that accounted for a significant portion of Huobi’s revenues at the time. This hard blow, added to the never-ending bear market, would have forced the CEO to sell his shares.

According to Bloomberg, Justin Sun, the founder of Tron, and Sam Bankman-Fried, the CEO of FTX, were among the potential buyers. Justin Sun quickly denied the information, saying via Twitter that nothing had been done in this regard.

SBF, for its part, decided to put an end to the rumours yesterday on Twitter:

“Just to be clear, since a lot of people are talking about it: No, we don’t plan to acquire Huobi. “

A potential acquisition of Huobi by FTX made sense, however, especially since last May Sam Bankman-Fried had mentioned “potential acquisitions” with the “few billion dollars” of cash flowing into the company.

The sale of Leon Li’s shares, which would be one of the largest acquisitions in the history of cryptocurrencies, was expected to be completed by the end of this month. However, no new information has yet been revealed on the matter.

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