Li Lin, the creator of the Huobi cryptocurrency exchange and chair of Avenir Capital, is reportedly launching a strategy that has successfully secured $1 billion to invest in Ether (ETH). This initiative is being backed by significant supporters of Ether and is expected to be officially announced in the coming weeks.

Significant Partnerships

According to a report from Bloomberg, Li has partnered with Shen Bo, co-founder of Fenbushi Capital, Xiao Feng, CEO of HashKey Group, and Cai Wensheng, founder of Meitu, to develop this Ether accumulation strategy via a Nasdaq-listed shell company. The initiative has amassed $1 billion in capital, which includes $500 million from HongShan Capital Group, alongside $200 million contributed by Avenir.

With the surge in interest from Ether supporters, the announcement of the trust is anticipated within two to three weeks.

Background of Li Lin

Li founded the Huobi exchange in 2013 and later sold it to the cryptocurrency entrepreneur Justin Sun. In the past, there have been tensions between Li and Sun, including legal disputes over the term ‘Huobi Global’ and allegations of fraud.

As of the time this article was published, the ETH price stood at $3,857, reflecting a significant rise of over 9% in the past week.

Avenir’s Bitcoin Holdings

In August, Avenir disclosed that it held around 16.5 million shares in BlackRock’s iShares Bitcoin Trust (IBIT) and recently increased its acquisition of other digital currencies like Ether and Solana (SOL). This shift could have a major influence on investment patterns in the cryptocurrency sector.