ETH Treasury Company, supported by Avenir Group and other major investors, has initiated a $1 billion private equity (PIPE) fundraising campaign on CoinList Alpha. The Ethereum-based treasury company, backed by entities including Distributed Capital, Wanxiang Capital, and Meitu, is offering 1:1 stapled warrants with an exercise price 50% above the offering price. The PIPE is priced at approximately 0.88 times its net asset value (mNAV). The initial subscription commitment period for CoinList Alpha investors concluded on October 29, with the final payment deadline set for October 31, 2025. The fundraising accepts payments in USD, USDC, and potentially ETH if required.