The $1 billion Ethereum treasury project spearheaded by Li Lin, Xiao Feng, and others has been shelved.

ChainThink reported on November 19th that, according to Wu Shuo, the $1 billion Ethereum treasury plan spearheaded by Li Lin, Xiao Feng, Shen Bo, and Cai Wensheng has been shelved, and the funds raised have been returned. This plan was the largest DAT (Digital Asset Trust) project led by Asian investors. Industry insiders speculate that the shelving was mainly due to the market downturn following the 1011 incident, with many DAT companies experiencing significant stock price declines recently. Regarding whether the plan will be restarted, relevant personnel stated that investor interests will be prioritized, and the market situation remains to be seen.

It is understood that the mNAV (modern-day virtual currency) of mainstream Ethereum treasury (DAT) companies has fallen below 1, with Bitmine at 0.86 and SharpLink at 0.85.

Previously, Bloomberg reported that Li Lin was collaborating with Shen Bo, Xiao Feng, and Cai Wensheng (founder of Meitu), among other early Ethereum supporters in Asia, to establish a new digital asset trust fund, planning to initially purchase approximately $1 billion worth of ETH. The team is in talks to acquire a Nasdaq-listed shell company for structuring purposes, with funding including $200 million from Li Lin’s Avenir investment firm and approximately $500 million from Asian institutions such as Sequoia China.