$1 Billion Ethereum Initiative from Asya's Leaders

Leading Ethereum supporters in Asia aim to establish a digital asset treasury focused on Ethereum (ETH) valued at $1 billion by acquiring a company listed on Nasdaq. According to a Bloomberg report, this significant initiative is backed by prominent figures in the Asian crypto world, including Li Lin, the founder of Huobi, Shen Bo, the founder of Fenbushi Capital, Xiao Feng, CEO of HashKey Group, and Cai Wensheng, founder of Meitu.

This consortium has begun efforts to create a $1 billion digital asset treasury, with Avenir Capital committing $200 million. Other regional investors, particularly HongShan Capital Group, are also preparing to make hundreds of millions of dollars in additional contributions to the targeted project.

Shen Bo, a founding partner of Fenbushi Capital, is known for being an important figure who worked with Vitalik Buterin during Ethereum's early days. Additionally, Xiao Feng, CEO of HashKey, and Buterin recently launched a new initiative called Ethereum Applications Guild, aiming to contribute to the development of the on-chain application ecosystem.

Cai Wensheng, founder of mobile application giant Meitu, is noted for establishing China's first public crypto treasury by purchasing $40 million worth of Bitcoin (BTC) and Ethereum in 2021. Wensheng is estimated to have accumulated over 10,000 Bitcoins during the bear market in 2018.

The rapidly growing digital asset treasury trend in the U.S. and Canada had previously remained more limited in China. However, in recent months, there has been a growing interest in Ethereum-focused Digital Asset Testing projects, led by companies such as BitMine and Consensys. This new initiative indicates that Asian-centered capital is entering the corporate accumulation process within the Ethereum ecosystem and presents significant opportunities for participants.