Huobi founder raises $1B as part of Ether trust strategy: Report
Huobi founder Li Lin reportedly raised $1 billion with partners to launch an Ether accumulation trust.Summary
Li Lin, founder of the cryptocurrency exchange Huobi and chair of Avenir Capital, has reportedly raised approximately $1 billion to execute a strategy focused on accumulating Ether (ETH). This effort involves a partnership with Fenbushi Capital co-founder Shen Bo, HashKey Group CEO Xiao Feng, and Meitu founder Cai Wensheng, utilizing a Nasdaq-listed shell company for the Ether accumulation strategy. The $1 billion raised includes $500 million from HongShan Capital Group and $200 million from Avenir. The group intends to announce the launch of this Ether trust within the next two to three weeks, backed by supporters of Ether. Li Lin previously founded Huobi in 2013 before selling it to Justin Sun. Furthermore, Li's investment company, Avenir, remains a significant holder of Bitcoin, reporting holdings of 16.5 million shares in BlackRock’s iShares Bitcoin Trust (IBIT) as of August, and has also participated in launching a $500-million Solana treasury.
(Source：Cointelegraph)