Li Lin, the founder of the cryptocurrency exchange Huobi and chairman of Avenir Capital, has gathered approximately $1 billion for a new Ether investment strategy. A recent Bloomberg report revealed that Lin has teamed up with Shen Bo from Fenbushi Capital, Xiao Feng, the CEO of HashKey Group, and Meitu’s Cai Wensheng to initiate this Ether accumulation project through a shell company listed on Nasdaq, raising significant funds including $500 million contributed by HongShan Capital Group and $200 million from Avenir.

With backing from Ether enthusiasts, the project is expected to launch the trust within the next two to three weeks.

Li founded the Huobi exchange in 2013 and sold it to Justin Sun, which led to several lawsuits between them concerning the term “Huobi Global” and allegations of fraud.

The price of Ether (ETH) is currently $3,857, having risen by over 9% in the last week, according to Nansen data.

Avenir Continues to Hold Bitcoin Shares

In August, Avenir reported holding 16.5 million shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT). The firm is accelerating its investment in other cryptocurrencies such as Ether and Solana, which could significantly reshape investment strategies in the crypto landscape.