Li Lin, founder of cryptocurrency exchange Huobi and chairman of investment firm Avenir Capital, has reportedly raised $1 billion to launch a digital asset trust aimed at accumulating Ethereum (ETH).
This move represents one of the largest independent investments in Ethereum to date and highlights the growing institutional appetite for digital assets.
According to Bloomberg, Li has partnered with several prominent figures in Asia’s blockchain ecosystem, including Shen Bo, co-founder of Fenbushi Capital; Xiao Feng, chairman and CEO of HashKey Group; and Cai Wensheng, founder of photo-editing app Meitu Inc.
The group plans to structure the Ether trust through a Nasdaq-listed shell company, creating a regulated platform for institutional investors seeking exposure to Ethereum and related digital assets.
The fundraising effort has reportedly secured $500 million from HongShan Capital Group (formerly Sequoia China) and $200 million from Avenir Capital. Sources familiar with the matter indicate that the official launch announcement is expected within two to three weeks.
The trust is designed to operate as a digital-asset treasury platform, focusing on long-term ETH accumulation, yield generation, and strategic ecosystem investments. With backers like HashKey and Fenbushi, the initiative could become one of the largest and most influential Ether treasuries in the world, particularly in the Asia-Pacific region.
Li Lin founded Huobi in 2013 and later sold the exchange to crypto entrepreneur Justin Sun, amid disputes over branding and allegations of fraud.
Avenir Capital, under his leadership, has also been an active investor in digital assets, holding around 16.5 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) and participating in a $500-million Solana treasury launched in September.
By combining significant capital, experienced regional partners, and a regulated structure, Li Lin’s Ether-focused trust positions the group to shape the future of institutional Ethereum investments.
The initiative underscores a broader trend of regulated, large-scale digital asset investment vehicles gaining prominence across Asia and globally.