Stock Track | Bitfire Group Soars 5.37% Intraday on Strategic Acquisition of AvenirX Trading Platform

Stock Track04-22

BITFIRE GROUP's stock surged 5.37% during intraday trading on Wednesday, following the company's announcement of a strategic acquisition of proprietary software assets.

The company announced that its wholly-owned subsidiary has agreed to acquire the "AvenirX System," an institutional-grade investment and trading platform, from Avenir Investment Management Limited for approximately $1.58 million. The vendor is ultimately controlled by Bitfire Group's chairman, Mr. Li Lin, making this a connected transaction. Management expects the acquisition to accelerate the integration of proprietary technology, enhance real-time risk governance, and support the long-term expansion of the Group's assets under management.

The move is part of a broader strategy to tap into growing institutional demand for digital asset management services. Chairman Li Lin, a prominent crypto tycoon, is moving trading systems and a team from his family office to the Hong Kong-listed entity. Bitfire plans to raise external capital to provide regulated bitcoin-denominated asset management services, with a goal to attract investment equivalent to more than 10,000 bitcoins within a year.

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