Li Lin, founder of the cryptocurrency exchange Huobi, has successfully raised approximately $1 billion to fund an investment strategy focused on Ether. According to a report from Bloomberg, Lin is expected to announce the specifics of the trust within the upcoming weeks with support from prominent figures in the Ether community.
Lin has partnered with Shen Bo, co-founder of Fenbushi Capital; Xiao Feng, CEO of HashKey Group; and Cai Wensheng, founder of Meitu, to introduce an Ether accumulation initiative through a shell company listed on Nasdaq. This venture includes $500 million from HongShan Capital Group and an additional $200 million from Lin’s own company, Avenir Capital.
With backing from various supporters, the announcement for the launch of the trust is expected to occur in the next two to three weeks.
Li founded Huobi in 2013, eventually selling it to crypto entrepreneur Justin Sun. The relationship between the two has been marred by tensions and legal disputes over the use of the name Huobi Global and allegations of fraudulent activities.
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