An Asian Ethereum DAT project that was underway was canceled after the downward price trajectory, as reported by Wu Blockchain.
Leading Asian Whales’ Ethereum DAT Project Canned
Last month, Bloomberg reported that some influential investors in Asia were preparing to launch an Ethereum trust. The group involved Li Lin, founder of cryptocurrency exchange Huobi, Shen Bo, co-founder of Fenbushi Capital, and Xiao Feng, chairman and CEO of HashKey Group.
At the time, investors were in talks to acquire a NASDAQ-listed entity to facilitate the digital asset treasury (DAT) structure, with the project already having $1 billion in backing.
However, according to a report from Wu Blockchain, this project has now been canceled. “The $1 billion Ethereum DAT proposed by major Asian crypto investors has been set aside and the committed capital has been returned,” Wu Blockchain wrote.
Of the $1 billion in support, $200 million came from investment firm Avenir Capital alone, of which Huobi’s Li is chairman. Another $500 million was provided by Asian institutional investors like HongShan Capital Group.
Popularized by Michael Saylor’s Strategy (formerly MicroStrategy), a DAT company is a public entity that makes digital asset hoarding its core business. Previously, companies primarily focused on using Bitcoin in this type of strategy, but 2025 saw a push toward altcoins like Ethereum and Solana.
BitMine, which is currently the largest ETH DAT and second only to the strategy, adopted its ETH reserve strategy in June this year. According to a press release on Monday, the company holds 3,559,879 tokens, purchased for a total of $11.1 billion.
Unlike BitMine, the DAT project in Asia appears to have been interrupted before its launch. “Sources said the plan was halted mainly due to the market slowdown following the strong sell-off on October 11,” Wu Blockchain revealed.
Ethereum has been in freefall alongside the broader cryptocurrency sector since that crash, with its price down more than 38% from its October peak. As a result, BitMine’s holdings went underwater. At the current exchange rate, its holdings are valued at $10.3 billion, about 7% below the cost base.
The ETH network as a whole has its average cost base (“Realized Price”) located at $2,316, as highlighted by CryptoQuant community analyst Maartunn in an article
The trend in the ETH Realized Price over the last few years | Source: @JA_Maartun on X
Considering this, the average investor still makes a profit of around 24%. Previously, when Ethereum was trading around its high, profitability reached an extreme level. So compared to that, there was a little cooldown. “Momentum is losing steam as the market takes a pause,” Maartunn noted.
ETH Price
Ethereum suffered another 5% decline over the past day, which took its price to $2,880.
ETH has been facing bearish momentum in recent days | Source: ETHUSDT on TradingView
Featured image of Dall-E, CryptoQuant.com, chart from TradingView.com
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