Huobi's Founder Secures $1 Billion for Ether Investment Initiative
Li Lin plans to unveil an Ether trust strategy, having raised significant capital from various partners to support the initiative.
Li Lin, the founder of the cryptocurrency exchange Huobi and chair of investment firm Avenir Capital, has successfully raised about $1 billion to pursue an Ether investment strategy.
According to a Bloomberg report from Friday, Li has partnered with Shen Bo, co-founder of Fenbushi Capital, Xiao Feng, CEO of HashKey Group, and Cai Wensheng, founder of Meitu, to initiate an Ether accumulation strategy facilitated through a NASDAQ-listed shell company. This project garnered $1 billion in total, including $500 million from HongShan Capital Group and $200 million from Avenir.
Backed by supporters of Ether (ETH), the team is set to reveal the details of the trust in about two to three weeks.
Li established the Huobi exchange in 2013, later transferring ownership to crypto entrepreneur Justin Sun. Their relationship has been marked by disagreements, resulting in legal disputes over the use of the name Huobi Global and allegations of fraud.
According to data from Nansen, the ETH price was quoted at $3,857 upon publication, reflecting a significant increase of over 9% in the preceding week.
Avenir’s Bitcoin Holdings
Avenir reported holding around 16.5 million shares of BlackRock’s iShares Bitcoin Trust ETF in August. The firm has been intensifying its acquisition of other cryptocurrencies like Ether and Solana (SOL), further influencing investment tactics within the crypto marketplace.
