Huobi founder raises $1B as part of Ether trust strategy: Report

Li Lin, the laminitis of cryptocurrency speech Huobi and seat of concern institution Avenir Capital, has reportedly raised astir $1 cardinal arsenic portion of a strategy to put successful Ether.

According to a Bloomberg study connected Friday, Li has partnered with Fenbushi Capital co-founder Shen Bo, HashKey Group CEO Xiao Feng, and Meitu laminitis Cai Wensheng to motorboat an Ether accumulation strategy done a Nasdaq-listed ammunition company. The task raised $1 billion, which included $500 cardinal from HongShan Capital Group and $200 cardinal from Avenir.

With the enactment of the Ether (ETH) backers, the radical plans to denote the motorboat of the spot successful 2 to 3 weeks.

Li founded the Huobi speech successful 2013, aboriginal selling the institution to crypto entrepreneur Justin Sun. Tensions betwixt the 2 individuals included lawsuits implicit the use of the word Huobi Global and accusations of fraud.

Related: 95% of firm ETH buys happened successful Q3 — commencement of Ether supercycle?

According to information from Nansen, the terms of ETH was $3,857 astatine the clip of publication, having surged by much than 9% successful the erstwhile 7 days.

Avenir is inactive a apical Bitcoin holder

The concern institution reported holding astir 16.5 cardinal shares of BlackRock’s iShares Bitcoin Trust exchange-traded fund, oregon IBIT, successful August. Accelerating its acquisition of different tokens similar Ether and Solana (SOL) — the institution participated successful launching a $500-million Solana treasury successful September — could importantly interaction concern strategies successful the crypto industry.

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