Huobi Founder Li Lin has hinted at the establishment of a $1 billion Ethereum (ETH) treasury in Asia.
New reports have hinted at the establishment of a $1 billion Ethereum (ETH) treasury, marking the entry of another firm into the corporate accumulation trend. The founder of the Huobi exchange, Li Lin, who doubles as the chairman of Avenir Capital, is making this move in collaboration with some top investors in Asia.
Huobi Founder Partners With Top Investors
Bloomberg reported that Lin is mulling the launch of a $1 billion ETH treasury. Should it pull through, this initiative would be one of the largest accumulators of ETH.
Lin’s family office intends to collaborate with Fenbushi Capital co-founder Shen Bo, HashKey Group Chief Executive Officer Xiao Feng, and Meitu founder Cai Wensheng to achieve this feat.
As a team, these investors came up with a digital asset trust with a strong focus on Ethereum accumulation. So far, the group has secured $1 billion in commitments towards the accumulation strategy. Of this fund, $200 million is from Lin through his Avenir Capital, the Hong Kong–based investment group that is focused on bridging Traditional Finance (TradFi) and digital assets.
Also, $500 million was pledged by multiple Asian institutional investors who have shown a willingness to invest in this venture. Most of these investors, including HongShan Capital Group, already perceive this initiative as a venture that holds prospects to rank as one of the largest private accumulations of the world’s top altcoin.
Corporate Ethereum Treasury Among Crypto Firms
Meanwhile, BitMine Immersion Technologies boasts of the largest Ethereum treasury. As of August 18, it announced that it has 1.52 million ETH, currently worth approximately $5.89 billion. Noteworthy, 1 unit of Ethereum is trading at $3,876.21 with a 2.09% increase within the last 24 hours.
BitMine recently purchased 202,037 ETH tokens, taking advantage of the decline in prices, and now holds over 3 million ETH. This represents 2.5% of the total supply of the altcoin. The second-largest Ethereum holder is SharpLink Gaming with more than 728,804 ETH. As of today, this bag has now grown to 840,124 ETH.
Like Huobi, many more companies are launching their Ethereum treasuries.
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