Among his partners are Shen Bo, co-founder of Fenbushi Capital; Xiao Feng, CEO of HashKey Group; and Cai Wensheng, founder of Meitu.
The group is reportedly in discussions to acquire a Nasdaq-listed shell company. It would provide a regulated vehicle for holding and managing the ETH treasury.
A New Institutional Bet on Ethereum
This proposed trust comes at a time when institutional interest in Ethereum is rising sharply. According to CoinGecko data, publicly listed companies already hold more than 4.4 million ETH, worth nearly $17 billion. By forming this trust, Li Lin and his partners aim to concentrate long-term capital into Ether in a regulated, transparent structure. Unlike one-off speculative plays, a treasury trust would allow sustained accumulation — much like how some public companies now hold Bitcoin as a strategic asset.
The fund would draw on deep relationships in Asia’s crypto ecosystem. Shen Bo’s Fenbushi Capital was one of Ethereum’s earliest investors, and HashKey Group is a major licensed crypto firm in Hong Kong. Meanwhile, Cai Wensheng has a track record across tech startups and blockchain ventures. The combination of capital, experience, and regulatory sophistication could make this trust a heavyweight in the emerging world 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 reflects a larger trend: companies and investment firms are increasingly building Ethereum treasuries, not just Bitcoin ones. While Bitcoin treasuries have dominated headlines, ETH offers unique advantages. Such as staking rewards and its central role in DeFi and Web3. Higher institutional allocation to ETH suggests confidence in its long-term utility, not just as a speculative crypto, but as a foundational protocol.
More About Ethereum’s Institutional Adoption
Another notable detail in Nasdaq’s filing is that clearance and settlement will run through the DTCC, the same infrastructure that processes most of Wall Street’s trades.
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 already been exploring Ethereum and recently adopted ERC 3643, a standard used for permissioned securities tokens, showing how traditional markets are moving toward blockchain. With these developments, it is clear that Wall Street is becoming increasingly bullish on Ethereum.
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