On November 19th, according to Wu Said’s report, the $1 billion Ethereum Treasury Plan led by Li Lin with Xiao Feng, Shen Bo, Cai Wensheng, and others has been put on hold, and the funds raised have been returned. This plan was the largest-scale DAT led by Asian investors. Insiders speculate that the main reason for the shelving is the bearish market trend after the 1011 incident, with the stock prices of many DAT companies experiencing significant declines recently. Regarding whether the plan will be restarted, relevant parties stated that investor interests will be given priority, and the current situation still requires market observation and corresponding actions. It is reported that the current mainstream Ethereum Treasury (DAT) companies’ mNAV has fallen below 1, with Bitmine dropping to 0.86 and SharpLink dropping to 0.85. Previously, according to Bloomberg, Li Lin was collaborating with Shen Bo, Xiao Feng, and Meitu founder Cai Wensheng, as well as other early Asian Ethereum supporters, 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 structural setup, with funds including $200 million from Li Lin’s Avenir Investment Company and around $500 million from Asian institutions such as Sequoia China.
