Li Lin, founder of cryptocurrency exchange Huobi and chairman of investment firm Avenir Capital, has reportedly raised around $1 billion through an Ether investing strategy.

According to a Bloomberg report on Friday, Li did cooperated with Fenbushi Capital co-founder Shen Bo, HashKey Group CEO Xiao Feng and Meitu founder Cai Wensheng to launch an Ether accumulation strategy via a Nasdaq-listed shell company. The project raised $1 billion, including $500 million from HongShan Capital Group and $200 million from Avenir.

With the support of Ether (ETH) supporters, the group plans to announce the launch of the trust within two to three weeks.

Li founded the Huobi exchange in 2013 and later sold it to crypto trader Justin Sun. Tensions between the two included lawsuits over the operate of the term Huobi Global and accusations of fraud.

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According to Nansen’s data, ETH was trading at $3,857 at the time of publication, after rising more than 9% over the previous seven days.

Avenir is still the leading Bitcoin holder

The investment firm said it owned about 16.5 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund in August. Accelerating the purchase of other tokens such as Ether and Solana (SOL) – the company participated in the launch of the $500 million Solana vault in September – could significantly impact investment strategies in the crypto industry.

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