The cryptocurrency exchange landscape is undergoing a significant transformation following a major ownership shift at Huobi, one of the industry’s longest-standing platforms. In what has become the largest acquisition in the crypto exchange sector during the current bear market, Huobi’s native token, HT, skyrocketed by 88% in just one week, drawing renewed attention to exchange-based digital assets and the strategic moves shaping the future of decentralized finance.
A Surge Rooted in Strategic Overhaul
On October 10, HT was trading at approximately $4.10. By October 18, its price had surged to $7.71, nearly erasing all losses accumulated since the beginning of the bear market. According to CoinGecko, this rally reflects growing investor confidence not just in Huobi’s tokenomics, but in the broader vision laid out by its new controlling shareholder — BCAP (Baiyu Capital), a Hong Kong-based asset management firm.
Unlike speculative tokens with limited utility, exchange-native tokens like HT, BNB, and OKB are deeply integrated into their respective platforms. They offer tangible benefits such as reduced trading fees, staking rewards, governance rights, and access to exclusive launchpad projects. With a current market cap of around $1 billion, HT ranks as the 53rd largest cryptocurrency globally — a position now under upward pressure due to recent developments.
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New Leadership, New Direction
On October 8, Huobi Global announced that its controlling shareholder had transferred all shares to a fund managed by Baiyu Capital, marking the official exit of Leon Li (Li Lin), Huobi’s founder and long-time majority owner. After nearly a decade at the helm of one of the world’s most influential crypto exchanges, Li has stepped away amid an evolving regulatory landscape and shifting market dynamics.
Baiyu Capital, led by CEO Ted Chen (Chen Yihua) — former co-founder of the prominent private equity firm Jinglin Asset — brings traditional financial expertise to the table. The firm holds an SFC Type 9 license and has historically focused on investments across Asia-Pacific markets. Now, it aims to leverage Huobi’s global user base and infrastructure to expand its footprint in the digital asset space.
In a public statement, Chen emphasized Huobi’s potential:
“Huobi Global provides top-tier crypto investment services to millions of international users. We believe both the digital asset industry and Huobi itself are still in their early stages, with enormous long-term growth potential.”
Strategic Advisory Board Signals Global Ambition
To bridge the gap between traditional finance and blockchain innovation, Baiyu Capital established the Huobi Global Strategic Advisory Committee, unveiled on October 10. The committee includes high-profile figures such as:
- Ted Chen – Founder of Baiyu Capital
- Du Jun – Co-founder of Huobi Global
- Wang Yang – Vice President of Hong Kong University of Science and Technology
- Justin Sun – Founder of TRON and Grenada’s WTO Representative
- Leah Wald – Co-founder of Valkyrie Investments
The inclusion of Justin Sun immediately drew market attention. While he officially joined only as a strategic advisor, speculation grew when reports from Wu Blockchain suggested Sun was a core investor in Baiyu’s acquisition fund. Sun denied these claims in interviews with CoinDesk and Bloomberg Television, stating he did not financially participate in the deal and does not hold any equity in Huobi.
However, his actions speak volumes. Sun has updated his social media bios to include links to Huobi’s website and has begun sharing what he calls his “onboarding diary,” repeatedly emphasizing his commitment to empowering HT through ecosystem development.
“I will only consider personal gains when Huobi reaches the top three global exchanges,” Sun wrote in response to accusations of “pump-and-dump” behavior. He also confirmed acquiring “tens of millions” of HT tokens.
This level of engagement — even without formal ownership — has clearly influenced market sentiment.
Market Reaction: From Skepticism to Momentum
The impact on HT’s price was immediate and sustained:
- October 10: HT rose to $4.87 (+18.3% in 24 hours)
- October 12: Broke $6.11 (+19.7% daily)
- October 13: Reached $7.52 (+33.0%)
- October 14: Briefly touched $8.00 — a multi-month high
As of the latest data, HT trades near $7.81, reflecting strong demand driven by anticipation of platform upgrades, increased liquidity, and expanded use cases.
Huobi also reported over $60 billion in trading volume, reasserting its competitive presence despite earlier setbacks from exiting mainland China and implementing cost-cutting measures.
What’s Next for Huobi and HT?
Under Baiyu Capital’s stewardship, Huobi plans to:
- Establish a robust risk reserve fund
- Accelerate global expansion beyond Asia
- Integrate HT deeper into its product suite (e.g., staking, DeFi integrations, NFT marketplaces)
- Strengthen compliance frameworks for regulated jurisdictions
Notably, both Chen and Sun have reaffirmed that Huobi will not return to operating in mainland China, aligning with ongoing regulatory restrictions.
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Frequently Asked Questions (FAQ)
Q: Why did HT’s price increase so sharply after the acquisition?
A: The surge was driven by renewed investor confidence in Huobi’s future under new institutional ownership, combined with Justin Sun’s high-profile advisory role and vocal support for HT’s utility expansion.
Q: Is Justin Sun now the owner of Huobi?
A: No official evidence confirms Sun owns equity in Huobi. He serves as a global strategic advisor and has publicly denied financial involvement in Baiyu Capital’s acquisition.
Q: What makes exchange tokens like HT valuable?
A: These tokens offer real utility — including fee discounts, staking rewards, governance rights, and access to premium features — making them more than just speculative assets.
Q: Can HT challenge BNB or OKB in market dominance?
A: While BNB leads with a $45 billion valuation, HT’s recent momentum shows potential for growth if Huobi successfully executes its global strategy and expands HT’s ecosystem use cases.
Q: Is it safe to hold HT after the ownership change?
A: With Baiyu Capital injecting institutional oversight and establishing risk reserves, the platform appears more stable. However, all crypto investments carry risk — due diligence is essential.
Q: Will Huobi relaunch services in China?
A: All official statements confirm that Huobi will remain focused on international markets and has no plans to resume operations in mainland China.
The reshaping of Huobi’s leadership marks more than a corporate transition — it signals a convergence of traditional finance and blockchain innovation. As exchange platforms evolve into full-fledged financial ecosystems, native tokens like HT, BNB, and OKB are emerging as central pillars of value creation.
With strategic guidance from seasoned investors and blockchain pioneers alike, Huobi may be poised for a comeback — not just in market share, but in redefining what a next-generation crypto exchange can become.
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