An Asian Ethereum DAT project that was on the way has been cancelled after the bearish price trajectory, as reported by Wu Blockchain.
Ethereum DAT Project By Leading Asian Whales Has Been Canned
Last month, Bloomberg reported that some influential investors in Asia were gearing up to launch an Ethereum trust. The group involved the likes of Li Lin, founder of Huobi cryptocurrency exchange, Shen Bo, co-founder of Fenbushi Capital, and Xiao Feng, chairman and CEO of HashKey Group.
At the time, the investors were in talks to acquire a NASDAQ-listed entity to facilitate the digital-asset treasury (DAT) structure, with the project already boasting a backing of $1 billion.
According to a report from Wu Blockchain, however, that project has now been cancelled. “The US$1 billion Ethereum DAT proposed by leading Asian crypto investors has been shelved, and the committed capital has been returned,” wrote Wu Blockchain.
Of the $1 billion backing, $200 million came from investment firm Avenir Capital alone, of which Huobi’s Li is a 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 a digital-asset reserve its main business. Earlier, firms mostly focused on using Bitcoin in this type of strategy, but 2025 has seen a push into altcoins like Ethereum and Solana.
BitMine, which is currently the largest ETH DAT and second-largest overall after Strategy, adopted its ETH reserve strategy in June of this year. According to a Monday press release, the company holds 3,559,879 tokens, bought for a total of $11.1 billion.
Unlike BitMine, the Asia-led DAT project appears to have been halted before it could launch. “Sources said the plan was halted mainly due to the market downturn following the sharp October 11 sell-off,” revealed Wu Blockchain.
Ethereum has been in freefall alongside the wider cryptocurrency sector since this crash, with its price being down over 38% compared to its October high. As a result, BitMine’s holdings have gone underwater. At the current exchange rate, its holdings are valued at $10.3 billion, roughly 7% below cost basis.
The ETH network as a whole has its average cost basis (“Realized Price“) located at $2,316, as CryptoQuant community analyst Maartunn has pointed out in an X post.
The trend in the ETH Realized Price over the last few years | Source: @JA_Maartun on X
Given this, the average investor is still in a profit of about 24%. Earlier, when Ethereum was trading around its high, profitability reached an extreme level. So compared to that, there has been a bit of a cooldown. “Momentum is cooling off as the market takes a breather,” noted Maartunn.
ETH Price
Ethereum has suffered another 5% drop in the past day that has sent its price to $2,880.
ETH has been facing bearish momentum in recent days | Source: ETHUSDT on TradingView
