In a significant development for the digital asset industry, BTCC — one of China’s earliest and most influential bitcoin companies — has been acquired by a Hong Kong-based investment fund. The announcement, made on January 29, marks a strategic shift for the company as it transitions its operations beyond mainland China to pursue aggressive international expansion in 2025.
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The Rise and Evolution of BTCC
BTCC, formerly known as Bitcoin China, was founded in 2011 by entrepreneur Bobby Lee (Li Qiyuan). As the first bitcoin exchange in China, BTCC quickly rose to prominence in the early days of cryptocurrency adoption. By 2014, it ranked as the second-largest bitcoin trading platform globally by volume, establishing itself as a cornerstone of the emerging digital economy in Asia.
However, regulatory changes in early 2017 — particularly the People’s Bank of China’s restrictions on cryptocurrency exchanges using the Chinese yuan — prompted a wave of relocation among domestic crypto firms. Most major players, including Huobi and OKCoin, moved their operations overseas to jurisdictions with more favorable regulatory environments. Now, with this acquisition, BTCC becomes the final major mainland-originated exchange to complete such a transition.
Strategic Acquisition for Global Growth
The acquiring entity, a Hong Kong-based blockchain-focused investment fund, has not disclosed its full identity but emphasized its long-term vision for BTCC. Calvin Cheng, a former Singaporean parliamentarian and World Economic Forum Global Young Leader who now advises the fund, stated:
“We are honored to acquire BTCC, a company with an unparalleled brand legacy and reputation in the crypto space. We look forward to driving greater international success and expanding its ecosystem across borders.”
This acquisition provides BTCC with the capital and strategic support needed to scale its operations globally. With enhanced resources, the company aims to accelerate growth across its core business lines: BTCC Mining Pool, Mobi Wallet, and its U.S. dollar-denominated exchange.
Core Business Divisions Driving International Expansion
1. BTCC Mining Pool
At the time of writing, the BTCC mining pool commands approximately 3.6% of the total Bitcoin network hashrate — a substantial share that underscores its technical strength and operational efficiency. As part of its post-acquisition strategy, BTCC plans to expand its mining infrastructure into new geographic regions, improving decentralization and resilience while adhering to local regulatory standards.
2. Mobi: A Global Multi-Currency Wallet
Launched in March 2017, Mobi is a multi-cryptocurrency wallet designed for ease of use and global accessibility. According to马云 (Jack Ma), Vice President of BTCC Mobi — not to be confused with Alibaba’s founder — Mobi already serves users in over 180 countries.
“The funding we’ve received today fuels our mission to become a dominant player in digital payments and cryptocurrency adoption worldwide,” said马云.
Mobi supports major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), with plans to integrate stablecoins and DeFi functionalities in upcoming updates.
3. Dollar-Based Exchange Platform
Unlike its earlier yuan-trading model, BTCC’s new exchange focuses on U.S. dollar pairs, allowing international traders to access BTC and other digital assets without exposure to Chinese financial regulations. The platform will be managed by a seasoned leadership team including Aaron Choi,马云, and Denver Zhao, combining fintech expertise with deep blockchain knowledge.
This pivot reflects a broader trend: Chinese-founded crypto ventures leveraging offshore bases to serve global markets under compliant frameworks.
Why Hong Kong? A Strategic Hub for Blockchain Innovation
Hong Kong has increasingly positioned itself as a gateway between East and West in the blockchain sector. With clearer regulatory guidelines emerging for virtual asset service providers (VASPs), the city offers a balanced environment where innovation can thrive within legal boundaries.
For BTCC, relocating under a Hong Kong investment umbrella enables:
- Access to international capital markets
- Compliance with evolving AML/KYC standards
- Easier integration with global banking and payment systems
- Proximity to both Asian and Western user bases
This move aligns with regional trends where established crypto brands choose Asia-Pacific hubs — such as Singapore, Dubai, or Hong Kong — for regional headquarters.
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Industry Implications and Market Outlook
The acquisition signals renewed investor confidence in foundational crypto businesses despite past regulatory headwinds in China. It also highlights the growing importance of brand equity and user trust in long-standing platforms like BTCC.
As institutional interest in digital assets continues to rise — driven by spot Bitcoin ETF approvals, halving events, and macroeconomic uncertainty — companies with proven track records are well-positioned for resurgence.
Moreover, BTCC’s focus on mining, wallet infrastructure, and exchange services covers key pillars of the crypto value chain. This vertical integration could give it a competitive edge in delivering seamless experiences across custody, trading, and payments.
Frequently Asked Questions (FAQ)
Q: Is BTCC still operating in mainland China?
A: No. Following Chinese regulations on cryptocurrency exchanges in 2017, BTCC ceased yuan-denominated trading and has since transitioned all operations outside mainland China.
Q: Who owns BTCC now?
A: BTCC has been acquired by a Hong Kong-based blockchain investment fund. While the fund remains unnamed, it is advised by industry veterans like Calvin Cheng.
Q: Can I use BTCC’s services globally?
A: Yes. Through its Mobi wallet and dollar-based exchange platform, BTCC serves customers in more than 180 countries.
Q: What is BTCC’s current mining share?
A: As reported, BTCC controls approximately 3.6% of the global Bitcoin network hashrate through its mining pool.
Q: Is Bobby Lee still involved with BTCC?
A: Bobby Lee co-founded BTCC but stepped down as CEO years ago. He remains a respected figure in the crypto community though not actively managing day-to-day operations.
Q: How does this acquisition impact the broader crypto market?
A: It demonstrates that legacy crypto brands can re-emerge through strategic investment and internationalization — reinforcing market maturity and long-term viability.
With strong infrastructure, an established user base, and fresh capital backing, BTCC is poised for a new chapter of innovation and growth. As the line between traditional finance and digital assets continues to blur, platforms that combine reliability with global reach will lead the next wave of adoption.