A circle of influential Asian crypto veterans is reportedly preparing a bold $1 billion push to establish one of the largest Ethereum-based digital asset treasuries to date.
Sources cited by Bloomberg say the group intends to acquire a Nasdaq-listed company as the vehicle for the project.
The initiative unites several of Asia’s earliest Ethereum champions – including Huobi’s founder Li Lin, Shen Bo of Fenbushi Capital, Xiao Feng of HashKey Group, and Cai Wensheng, the entrepreneur behind Meitu. Together, they aim to consolidate regional capital and institutional expertise into a single onchain investment platform.
Avenir Capital, chaired by Li Lin, has already pledged about $200 million, with additional commitments expected from major backers like HongShan Capital Group. The move reflects growing confidence among Asian investors that Ethereum’s ecosystem is becoming central to the next phase of digital finance.
All four figures have long histories tied to Ethereum’s rise. Fenbushi Capital was among the blockchain sector’s earliest venture firms and once counted Ethereum co-founder Vitalik Buterin among its partners. More recently, HashKey and Buterin launched the Ethereum Applications Guild, designed to support new decentralized applications.
Cai Wensheng, whose company Meitu was among the first Chinese tech firms to publicly hold crypto, is also known for his early accumulation of Bitcoin and strong advocacy for digital assets.
Although Bitcoin dominates the global corporate treasury landscape, the focus on Ethereum signals a broader shift. In Asia – where institutional digital asset treasuries remain rare – companies like BitMine and SharpLink have recently shown growing interest in Ethereum-backed reserves.
If successful, this plan could position the group as a key force in shaping how Asia approaches large-scale onchain wealth management – blending corporate strategy with the ethos of decentralized finance.
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