Bloomberg: Li Lin to Merge Avenir Group's Trading Team into Bitfire Group, Secures Intent for $500 Million Investment

BlockBeats News, April 22nd, according to Bloomberg, Li Linzheng transferred his team of about 20 traders from his family office Avenir Group to his 30%-owned wealth management company Bitfire Group to help the company attract more private banking clients.

Livio Weng, CEO of the Hong Kong-listed company Bitfire, stated in an interview that Bitfire will acquire the team and trading system from Avenir Group. Avenir confirmed the transaction. With the addition of the new team, Bitfire has received initial investment intentions of about $500 million from the family office and the listed company. Bitfire launched its private banking business in August last year and has since added 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. It is expected that the assets under management of the company's private banking business will exceed $1 billion within two years.