Li Lin, founder of Huobi, is collaborating with early Ethereum supporters in Asia, including Shenyu, co-founder of Fenbushi Capital, Xiao Feng, CEO of HashKey, and Cai Wensheng, founder of Meitu, to establish a new digital asset trust fund. The fund aims to initially purchase approximately $1 billion worth of Ethereum (ETH). The team is negotiating the acquisition of a Nasdaq-listed shell company to facilitate the fund's structure. Funding includes $200 million from Li Lin's Avenir Investment and about $500 million from Asian institutions like Sequoia China.