Overview
- Huobi founder Leon Li Lin, HashKey’s Xiao Feng, Meitu co‑founder Mike Cai Wensheng and Fenbushi Capital’s Bo Shen spearheaded the effort earlier this year.
- The organizers had secured roughly $110 million in commitments before pausing the initiative, the South China Morning Post reported.
- The vehicle was designed as an ether-focused digital asset treasury, echoing public-company strategies that accumulate large crypto holdings to drive enterprise value.
- Market weakness was cited as the reason for the pause, with bitcoin down more than 30% since early October.
- Wu Blockchain first reported the shelved plan, which has not been publicly confirmed by the named parties, highlighting limited regulatory acceptance of DATs in Hong Kong versus growing use in the United States.