Yunfeng Financial Group is a Hong Kong-listed company associated with Alibaba founder Jack Ma, which has acquired 10,000 ETH (worth approximately $44 million) to deepen its Web3 expansion.
This purchase was disclosed in a voluntary announcement on Tuesday, with funds coming from internal cash reserves. This move follows Yunfeng's recent announcement to advance in Web3, real-world assets (RWA), digital currencies, and artificial intelligence.
According to the company, the choice of Ethereum (ETH) as a reserve asset is to support RWA tokenization, technological innovation, and broader integration of finance and Web3 infrastructure.
"The board believes that incorporating ETH into the company's strategic reserve assets aligns with the group's expansion into frontier areas, including Web3, and provides critical infrastructure support for real-world asset (RWA) tokenization activities," the company stated.
ETH will be reflected on Yunfeng's balance sheet as an investment asset. The announcement stated, "ETH is recorded as an investment in the group's financial statements."
The company also noted that the ETH holdings will help diversify its asset base and reduce reliance on traditional fiat currencies. Yunfeng also plans to explore potential applications of Ethereum in insurance business and new business scenarios tailored for decentralized finance.
Yunfeng Financial is a Hong Kong-listed fintech group that provides investment and financing services, including brokerage, asset management, insurance, and fintech solutions. Jack Ma is a significant associate of Yunfeng Financial.
On Tuesday, The Ether Machine revealed it has raised $654 million in private financing, acquiring 150,000 ETH from long-time Ethereum advocate Jeffrey Berns, who will join the company's board.
This financing supports the strategy of building a large ETH treasury ahead of a planned Nasdaq listing later this year. The Ether Machine now holds over 345,000 ETH and is expected to list with over 495,000 ETH.
BitMine Immersion Technologies, led by Fundstrat's Tom Lee, has added over 150,000 ETH to its treasury, bringing its total holdings to nearly 1.87 million ETH, valued at approximately $8.1 billion.
Related: Opinion: Cryptocurrency is just one "growth cycle" away from mainstream adoption, with users expected to reach 5 billion.
Original article: “Yunfeng Financial, associated with Jack Ma, acquires $44 million in Ethereum (ETH) to advance Web3 layout”
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