PANews reported on October 29th that, according to CoinList Alpha, ETH Treasury Company, an Ethereum-based treasury company jointly launched by Avenir Group (owned by Li Lin's family), Distributed Capital, Wanxiang Capital, and Meitu, is conducting a private equity (PIPE) round, aiming to raise a total of $1 billion . This round will simultaneously issue 1:1 stapled warrants with an exercise price approximately 50% higher than the offering price. The PIPE is priced at approximately 0.88 times its net asset value (mNAV).

The initial subscription commitment period for CoinList Alpha investors ends on October 29th, with the final payment deadline being October 31st, 2025. Funds raised will be paid in USD and USDC, and ETH will also be accepted if necessary.