Li Lin, the founder of the Huobi cryptocurrency exchange and chairperson of Avenir Capital, has raised approximately $1 billion to pursue a strategy for Ether investment.

According to a Bloomberg report released on Friday, Li is partnering with Shen Bo, co-founder of Fenbushi Capital, Xiao Feng, CEO of HashKey Group, and Cai Wensheng, founder of Meitu to initiate this Ether accumulation strategy via a shell company listed on Nasdaq. The project successfully secured $1 billion, which includes $500 million contributed by HongShan Capital Group and an additional $200 million from Avenir.

This group is preparing to officially announce the launch of the trust within the next two to three weeks, with strong backing from Ether supporters.

Li established Huobi in 2013 and subsequently sold it to crypto entrepreneur Justin Sun. There have been tensions between Li and Sun, which have resulted in lawsuits concerning the usage of the Huobi Global name and fraud allegations.

Related: 95% of corporate ETH buys happened in Q3 — start of Ether supercycle?

At the time of publication, ETH was valued at $3,857, reflecting a more than 9% increase over the past week.

Avenir remains a leading Bitcoin investor

The investment firm disclosed its ownership of approximately 16.5 million shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT) as of August. The company is accelerating its investment in other cryptocurrencies, such as Ether and Solana. Recently, they participated in launching a $500 million treasury for Solana in September, a move that could dramatically impact investment strategies across the cryptocurrency landscape.

*Magazine: Back to Ethereum: How Synthetix, Ronin and Celo saw the light"