$1 Billion Ethereum DAT Led By Asian Investors Shelved After Market Downturn

An Asian Ethereum DAT challenge that was on the best way has been cancelled after the bearish worth trajectory, as reported by Wu Blockchain.

Ethereum DAT Project By Leading Asian Whales Has Been Canned

Last month, Bloomberg reported that some influential traders in Asia have been gearing as much as launch an Ethereum belief. The group concerned the likes of Li Lin, founding father of Huobi cryptocurrency change, Shen Bo, co-founder of Fenbushi Capital, and Xiao Feng, chairman and CEO of HashKey Group.

At the time, the traders have been in talks to accumulate a NASDAQ-listed entity to facilitate the digital-asset treasury (DAT) construction, with the challenge already boasting a backing of $1 billion.

According to a report from Wu Blockchain, nevertheless, that challenge has now been cancelled. “The US$1 billion Ethereum DAT proposed by main Asian crypto traders has been shelved, and the dedicated capital has been returned,” wrote Wu Blockchain.

Of the $1 billion backing, $200 million got here from funding agency Avenir Capital alone, of which Huobi’s Li is a boss. Another $500 million was offered by Asian institutional traders like HongShan Capital Group.

Popularized by Michael Saylor’s Strategy (previously MicroStrategy), a DAT firm is a public entity that makes a digital-asset reserve its essential enterprise. Earlier, companies largely centered on utilizing Bitcoin in the sort of technique, however 2025 has seen a push into altcoins like Ethereum and Solana.

BitMine, which is presently the most important ETH DAT and second-largest general after Strategy, adopted its ETH reserve technique in June of this 12 months. According to a Monday press release, the corporate holds 3,559,879 tokens, purchased for a complete of $11.1 billion.

Unlike BitMine, the Asia-led DAT challenge seems to have been halted earlier than it might launch. “Sources mentioned the plan was halted primarily as a result of market downturn following the sharp October 11 sell-off,” revealed Wu Blockchain.

Ethereum has been in freefall alongside the broader cryptocurrency sector since this crash, with its worth being down over 38% in comparison with its October high. As a end result, BitMine’s holdings have gone underwater. At the present change price, its holdings are valued at $10.3 billion, roughly 7% under price foundation.

The ETH community as an entire has its common price foundation (“Realized Price“) positioned at $2,316, as CryptoQuant neighborhood analyst Maartunn has identified in an X post.

Given this, the common investor remains to be in a revenue of about 24%. Earlier, when Ethereum was buying and selling round its high, profitability reached an excessive stage. So in comparison with that, there was a little bit of a cooldown. “Momentum is cooling off because the market takes a breather,” famous Maartunn.

ETH Price

Ethereum has suffered one other 5% drop prior to now day that has despatched its worth to $2,880.