Huobi Founder Raises $1B to Buy Ether

Li Lin, the founder of Huobi, has reportedly raised around $1 billion as part of a new strategy to invest in Ether through a trust. This initiative, backed by prominent figures such as Shen Bo, Xiao Feng, and Cai Wensheng, aims to accumulate Ether through a Nasdaq-listed shell company. The project has secured $500 million from HongShan Capital Group and $200 million from Avenir Capital. Plans are in place to officially announce the launch of the trust in the coming weeks, supported by significant backers in the Ethereum community. Li, who established Huobi in 2013, later sold it to Justin Sun, amidst ongoing tensions related to the brand's management. As of the report, the price of ETH stood at $3,857, reflecting a notable increase recently. Avenir Capital continues to hold a substantial Bitcoin position while diversifying investments, including a $500 million treasury in Solana. This funding move could influence the broader crypto investment landscape.

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