Huobi’s Hong Kong stock price aims to go gray in Asia with five crypto funds already operating for local investors
According to Chinese crypto blogger and journalist Colin Wu, a subsidiary of Huobi – Huobi Tech, sees its stock price up 21% today, aiming to become Asia’s largest cryptocurrency custodian, a homegrown competitor to Grayscale.
Wu did not directly name the company, but he most likely meant Huobi Tech’s Huobi Trust Hong Kong.
Huobi Tech shares rose 21%
Journalist Colin Wu wrote on Twitter that Huobi Technology Holdings Limited (Huobi Tech) Hong Kong-listed share price of Huobi grew 21%.
The stock price of Hong Kong-listed Huobi is up 21% today. It aims to become grayscale in Asia and has already released 5 funds. pic.twitter.com/xIQRRVRRO5t
– Wu Blockchain October 6, 2021
A press release published about two weeks ago indicates that the company intends to become the main platform for virtual asset services and work on trust in the crypto and custodian business. Services will be provided by Huobi Trust Hong Kong and Huobi Trust US.
Huobi Trust Hong Kong owns over $1 billion in cryptocurrency
Huobi Trust Hong Kong will provide regulatory compliant crypto custody services to Asian investors. In late August, the company held more than $1 billion in digital assets.
Huobi Trust Hong Kong was registered in Hong Kong on April 29 this year, and has obtained the necessary licenses from local regulators.
Colin Wu tweeted that, to date, the company has five crypto-trust funds and plans to become a competitor to Grayscale in Asia.
Besides, with Huobi’s now withdrawing from mainland China and dropping all of its clients in the region, Wu believes its Hong Kong-compliant business may get more attention.
Grayscale holds $44.8 billion in cryptocurrency
According to a tweet posted by Grayscale on October 5, Barry Silbert’s asset management firm owns $44.8 billion worth of cryptocurrency.
The company offers investors exposure to crypto assets through 13 cryptocurrency funds. It also operates the DeFi Fund and the Digital Large Cap Fund.
05/21/10 Update: net assets under management, holdings per share, and market price per share for our investment products.
Total assets under management: $44.8 billionBTC dollars $ baht BCH dollars $ . link mana dollars ETH dollar $ etc FIL dollar Zain Dollars Litecoin Dollars $ LPT XLM dollars ZEC dollars UNI $ AAVE dollars $ COMP CRV dollars MKR Dollars Dollar sushi SNX Dollars YFI dollars UMA dollars $ BNT ADA dollars one dollar pic.twitter.com/ja0eZp7CdD
Grayscale October 5, 2021
Among the investors in Grayscale Trust ARK funds are Cathie Woods and banking giant Morgan Stanley. As Yu reported earlier today, the banking group increased its stake in Grayscale Bitcoin Trust (the company’s flagship product) by purchasing another 28,289 GBTC in late June.
Overall, the Morgan Stanley Europe Opportunity Fund owns 58,116 shares of GBTC worth $2.018 million, as of July 31.
