Huobi founder Li Lin has raised $1 billion for an ETH accumulation strategy backed by HongShan, Avenir and HashKey via Nasdaq shell.
Huobi founder Li Lin invests $1 billion in Ethereum via Nasdaq shell
Huobi founder Li Lin has raised about $1 billion for a large-scale Ethereum accumulation strategy, Bloomberg reported on Friday. The initiative would be one of the largest institutional buybacks of ETH in 2025.
Li Lin, who heads investment firm Avenir Capital, has teamed up with Shen Bo (Fenbushi Capital), Xiao Feng (CEO HashKey Group) and Cai Wensheng (founder of Meitu) to create an investment trust aimed at long-term ETH accumulation via a Nasdaq-listed shell company.
According to Bloomberg, $500 million has already been invested in the project by HongShan Capital Group (formerly Sequoia China) and $200 million by Avenir Capital, and the official launch of the fund is expected in 2-3 weeks.
Ethereum is the main bet of Asian investors
Investors describe this initiative as an “Ether accumulation strategy” aimed at strengthening ETH’s position as a key institutional asset alongside Bitcoin.
At the time of publication, ETH was trading at $3,857, which is 9% higher than a week earlier (Nansen data).
Li Lin founded Huobi back in 2013, and later sold the exchange to crypto entrepreneur Justin Son. Their relationship remained tense: the parties exchanged lawsuits over the Huobi Global brand and allegations of fraud.
Avenir Remains a Large Bitcoin Holder
Despite its focus on Ethereum, Avenir Capital remains one of the leading institutional investors in Bitcoin.
In August, the firm announced that it owns 16.5 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) Bitcoin ETF.
In September, Avenir also joined the launch of the $500 million Solana Treasury, signaling a broader strategy to diversify across major blockchains — BTC, ETH, and SOL.
A New Wave of Institutional Demand
Analysts believe that the move by Li Lin and his partners could fuel the “Ether supercycle,” a trend in which institutional capital moves from Bitcoin to smart contract networks.
If the trust receives regulatory approval, it could become the largest corporate fund accumulating ETH, ushering in a new phase of institutional liquidity for the Ethereum ecosystem.
Related: BitMine Immersion Increases Ethereum Holdings to $12.6 Billion, Owns 2.5% of Total ETH Supply
