Major Asian early Ethereum investors push to establish US$1 billion DAT

Leading Asian early investors in Ethereum (ETH) are pushing to establish an Ethereum strategic reserve company worth US$1 billion.

On the 17th (local time), The Block reported that Leon Li, Huobi founder, Xiao Feng, CEO of HashKey Group, and other Asian early Ethereum investors plan to acquire a Nasdaq-listed company to establish a digital asset strategic reserve (DAT) company that will stockpile Ethereum.

The project aims to raise US$1 billion. Avenir Capital will initially contribute US$200 million, and Asian investors such as HongShan Capital Group have reportedly pledged additional funds amounting to hundreds of millions of dollars.

Most of the participants have long-standing ties to the Ethereum ecosystem. Fenbushi Capital is a venture capital firm that, at its founding in 2015, had Ethereum co-founder Vitalik Buterin participate as a co-founder and has a deep track record of investing in early Ethereum projects. Xiao Feng of HashKey Group also launched the "Ethereum Applications Guild" earlier this month with Buterin to strengthen the on-chain application ecosystem.

The plan is seen as a sign that the digital asset strategic reserve market, centered on the United States and Canada, is spreading to Asia. While the current DAT market has been centered on Bitcoin, demand for Ethereum-based reserves has surged recently. Notably, BitMine and SharpLink, backed by Consensys, have emerged as major ETH strategic reserve companies.

Industry insiders said, "This project will serve as an opportunity for Asian capital to actively participate in Ethereum-based financial strategies," and predicted, "An ETH reserve market centered on institutional investors could enter a new phase of growth."