Huobi Founder Raises $1B to Buy Ether

Li Lin, the founder of the cryptocurrency exchange Huobi and chair of investment company Avenir Capital, has raised around $1 billion to invest in Ether. Collaborating with prominent figures such as Fenbushi Capital's Shen Bo and HashKey Group's Xiao Feng, they plan to launch an Ether accumulation strategy through a Nasdaq-listed shell company. This initiative will see backing from various Ether supporters, with plans to officially announce the trust in the next two to three weeks. Li, who founded Huobi in 2013 before selling it to Justin Sun, is making moves to significantly bolster Ether investments, alongside recent asset purchases by Avenir Capital, which reported holding 16.5 million shares in BlackRock's Bitcoin Trust as of August. The price of ETH was noted at $3,857 at the time of publication, having experienced a 9% increase in the past week.

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