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

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April 22 — Per Bloomberg, cryptocurrency tycoon Li Lin is moving his 20-person trading team from his family office Avenir Group to Bitfire Group, a wealth management firm where he holds a 30% stake. The transfer aims to help Bitfire attract more private banking clients. Hong Kong-listed Bitfire CEO Livio Weng told reporters in an interview that Bitfire will acquire the team and its trading system from Avenir Group. Avenir has confirmed the transaction. Following the team’s addition, Bitfire has secured initial investment commitments of roughly $500 million from Avenir (Li’s family office) and the listed company. Bitfire launched its private banking arm in August 2023 and has since onboarded around 300 clients, primarily family offices, listed companies, and high-net-worth individuals (HNWIs). The firm plans to expand its Ethereum and stablecoin trading strategies later this year, with expectations that its private banking assets under management (AUM) will exceed $1 billion within two years.

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