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Leading Asian crypto figures plan to acquire a Nasdaq-listed firm to launch a $1 billion Ethereum treasury.
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Founders of Huobi, Fenbushi, HashKey, and Meitu are reportedly backing the effort.
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The project reflects growing institutional interest in ETH-focused treasury strategies.
Ethereum Veterans Join Forces
Some of Asia’s earliest and most prominent Ethereum backers are joining forces to launch a $1 billion digital asset treasury dedicated to ETH, Bloomberg reported. The group includes Huobi founder Li Lin, Fenbushi Capital founder Shen Bo, HashKey Group CEO Xiao Feng, and Meitu founder Cai Wensheng.
The team reportedly plans to acquire a Nasdaq-listed firm as a foundation for the project. Avenir Capital, which manages more than $1 billion in assets, has already pledged $200 million, with additional commitments from major regional investors such as HongShan Capital Group.
A New Chapter for Ethereum Treasuries
Each participant has deep ties to Ethereum’s history. Fenbushi Capital was co-founded by Vitalik Buterin in 2015, and HashKey’s Xiao Feng recently worked with Buterin to create the Ethereum Applications Guild to boost onchain development.
Wensheng, whose company Meitu famously bought bitcoin and ETH for its balance sheet in 2021, remains one of Asia’s most outspoken crypto advocates.
Growing Market for ETH Treasuries
While Bitcoin still dominates the digital asset treasury market, Ethereum-based holdings are catching up fast. Firms like BitMine and SharpLink have already built large ETH reserves, signaling a shift toward multi-chain treasury diversification. The planned $1 billion ETH-focused entity could mark the largest such effort in Asia to date.
