Key Takeaways
Why does Li Lin’s $1B plan matter?
The Huobi founder’s new digital asset firm, backed by firms like HashKey, signals a renewed Asian institutional push into Ethereum.
How are Western institutions responding?
SharpLink Gaming raised $76.5 million to add to its 838,000 ETH treasury, with potential for another $78.8 million.
Ethereum’s institutional narrative is accelerating again, this time led by Asia.
According to a Bloomberg report, Huobi founder Li Lin is preparing to launch a $1 billion digital asset firm dedicated to managing and expanding Ethereum-focused treasuries.
Asia’s billion-dollar bet on Ethereum
Major regional investors, including HashKey, Fenbushi Capital, and Meitu, reportedly back the new entity. It will focus on treasury management, yield generation, and infrastructure development tied to the Ethereum ecosystem.
Sources suggest Li Lin may seek to acquire a Nasdaq-listed company to achieve greater compliance and operational reach.
This marks one of the largest independent ETH-focused capital deployments to date.
SharpLink adds Western momentum
In the U.S., SharpLink Gaming has doubled down on its Ethereum bet. On 16 October, it announced a $76.5 million registered direct offering priced at a 12% premium to market.
The company, one of the world’s largest corporate holders of Ether, confirmed that proceeds will support further ETH accumulation.
With over 838,000 ETH already in its treasury, SharpLink’s latest raise shows growing institutional appetite for Ethereum exposure.
Co-CEO Joseph Chalom said the offering structure “reflects strong institutional confidence” and will increase “ETH-per-share for our investors.”
If its 90-day premium purchase contract is exercised in full, SharpLink could raise an additional $78.8 million, further expanding its ETH position.
Ethereum Treasuries near $17 billion
On-chain data supports the trend. Corporate and government wallets collectively hold 4.43 million ETH, valued at roughly $17.1 billion, according to CoinGecko data.
BitMine Immersion leads with 3.03 million ETH, followed by SharpLink, Bit Digital, and Coinbase.
Together, these entities account for over 3.6% of Ethereum’s circulating supply, a milestone that mirrors Bitcoin’s early corporate adoption phase in 2021.
The bigger picture
While Bitcoin ETF flows continue to dominate headlines, Ethereum’s accumulation story is unfolding quietly.
The combination of Asian capital inflows and Western corporate treasuries highlights a structural shift.
If sustained, this phase of treasury-led accumulation could form the backbone of Ethereum’s next bull narrative. As of this writing, ETH was trading at around $3,800.
