A New Institutional Bet on Ethereum
Huobi founder Li Lin is reportedly in discussions to acquire a Nasdaq-listed shell company. This move would establish a regulated vehicle for holding and managing a substantial Ethereum (ETH) treasury, estimated to be worth $1 billion. Among his partners in this venture are prominent figures from Asia's crypto ecosystem, including Shen Bo, co-founder of Fenbushi Capital; Xiao Feng, CEO of HashKey Group; and Cai Wensheng, founder of Meitu.
This proposed trust emerges at a time of rapidly growing institutional interest in Ethereum. According to CoinGecko data, publicly listed companies currently hold over 4.4 million ETH, valued at nearly $17 billion. By forming this trust, Li Lin and his partners intend to consolidate long-term capital into Ether within a regulated and transparent framework. This approach aims for sustained accumulation, similar to how some public companies now view Bitcoin as a strategic asset, rather than engaging in one-off speculative plays.
The fund is expected to leverage deep-seated relationships within Asia’s crypto industry. Shen Bo's Fenbushi Capital was an early investor in Ethereum, and HashKey Group is a significant licensed cryptocurrency firm based in Hong Kong. Cai Wensheng brings a proven track record across technology startups and blockchain ventures. This combined expertise in capital, experience, and regulatory understanding positions the trust to become a major player in the evolving landscape of corporate Ethereum treasuries.
According to Bloomberg, Huobi founder Li Lin is collaborating with Shen Bo (co-founder of Fenbushi Capital), Xiao Feng (CEO of HashKey Group), and Meitu founder Cai Wensheng, among other early Asian Ethereum supporters, to establish a new digital asset trust aiming to accumulate…
— Wu Blockchain (@WuBlockchain) October 17, 2025
This initiative signifies a broader trend: companies and investment firms are increasingly building treasuries backed by Ethereum, not solely Bitcoin. While Bitcoin treasuries have garnered significant attention, ETH offers distinct advantages, such as staking rewards and its pivotal role in decentralized finance (DeFi) and Web3. Increased institutional allocation to ETH indicates a growing confidence in its long-term utility, positioning it not just as a speculative cryptocurrency but as a foundational protocol.
Ethereum’s Institutional Adoption Gains Momentum
A key detail from Nasdaq's filing indicates that clearance and settlement for this trust will be handled through the Depository Trust & Clearing Corporation (DTCC), the same infrastructure that processes the majority of Wall Street's trades. This integration suggests a significant step towards mainstream financial adoption.
Another key detail in Nasdaq’s filing: clearance and settlement will run through the DTCC.
DTCC has already been exploring Ethereum, adopting ERC-3643, the standard for permissioned securities tokens.
Wall Street is bullish Ethereum. pic.twitter.com/B0KT0A5sr9
— fabda.eth (@fabdarice) September 8, 2025
The DTCC has actively explored Ethereum's potential and has recently adopted ERC 3643, a standard designed for permissioned securities tokens. This development highlights the increasing integration of blockchain technology within traditional financial markets. These advancements clearly indicate that Wall Street is growing increasingly optimistic about Ethereum's future prospects.