Recently, social media and cryptocurrency forums have been flooded with sensational claims that Alibaba founder Jack Ma is "building a strategic Ethereum reserve" and may even become one of the largest corporate or private Ethereum holders in Asia. This news quickly spread across X, YouTube, and cryptocurrency influencer channels, attracting widespread attention. However, how credible are these claims? The media conducted a "fact check" revealing the true layout of Jack Ma's capital in the Web3 field and the discrepancies between social media rumors and the actual situation.
- Origin and Spread of the Rumor: The "Ethereum Frenzy" on Social Media
The claim that "Jack Ma is building a strategic Ethereum reserve" emerged around October 13, 2025, after influential accounts like MerlijnTrader and Crypto Rover posted several popular posts on X. These posts quickly gained attention, citing unnamed sources and market optimism.
Viral Spread: These claims entirely originated from influential accounts and Telegram news channels, with no confirmation from Alibaba, Ant Group, or representatives of Jack Ma.
Lack of Official Confirmation: The initial post spreading this rumor by MerlijnTrader did not include wallet addresses, institutional confirmations, or any official documents linking ETH purchases to Jack Ma personally.
- Fact Check: Yunfeng Financial's $44 Million ETH Investment
Despite the lack of official confirmation on social media, Forbes' fact check revealed some truths:
Yunfeng Financial Purchases Ethereum: The Hong Kong-listed company Yunfeng Financial, co-founded by Jack Ma and Yu Feng, confirmed in regulatory documents that it indeed purchased 10,000 Ethereum on the open market in early September 2025, valued at approximately $44 million.
Web3 Strategic Investment: This move is described as part of a strategic investment plan in Web3 and blockchain, aimed at exploring decentralized infrastructure rather than specifically for strategic reserves.
No Direct Evidence of Personal Accumulation: There is no on-chain evidence, company documents, or public statements confirming that Jack Ma personally holds Ethereum or is "building a strategic reserve." The mention of "Jack Ma's Ethereum reserve" in social media posts seems to interpret Yunfeng Financial's acquisition rather than confirm a personal acquisition by Jack Ma.
- The Web3 Layout of Jack Ma's Financial Empire: From Alibaba to Cryptocurrency
Yunfeng Financial is the publicly listed company of Yunfeng Capital, a private equity firm co-founded by Jack Ma and Yu Feng in 2010. The company provides comprehensive fintech services for the Asian market, including brokerage, asset management, insurance, and fintech solutions.
Strategic Roadmap: The board of Yunfeng Financial approved this cryptocurrency acquisition as a strategic reserve asset, with funding entirely from internal cash reserves rather than external financing. Executive Director and Acting CEO Huang Xin signed the announcement, stating that this acquisition aligns with the company's strategic roadmap for July 2024, which prioritizes Web3, real-world asset tokenization, digital currencies, ESG net-zero assets, and artificial intelligence.
Infrastructure Support: The Ethereum holdings will be reflected as investments in Yunfeng's financial statements, supporting technology innovation based on blockchain services. The board of Yunfeng Insurance emphasized that this purchase of Ethereum will provide infrastructure support for real-world asset (RWA) tokenization activities and Web3 client services. The company plans to explore the application of ETH in the insurance business while developing innovative scenarios compatible with Web3 technology.
Integration of Finance and Technology: The financial company's strategy focuses on the comprehensive integration of finance and technology, aiming to leverage the capabilities of cryptocurrencies to enhance customer service experience and economic autonomy. Management believes that digital asset allocation optimizes the asset structure of Yunfeng Fund while reducing reliance on traditional currencies.
China's Shift in Attitude Towards Digital Assets: Yunfeng's timing for investing in cryptocurrencies reflects a broad shift in China's attitude towards digital assets and blockchain technology. While maintaining restrictions on cryptocurrency trading, Chinese authorities are increasingly recognizing the applications of blockchain technology in financial services and digital infrastructure development, such as stablecoins.
Conclusion:
Although the claims on social media about "Jack Ma building a strategic Ethereum reserve" lack direct evidence, Forbes' fact check confirmed that Jack Ma's capital, through Yunfeng Financial, invested $44 million in Ethereum as part of a Web3 strategic investment. This move clearly reveals the grand layout of Jack Ma's financial empire in the digital asset field, aiming to promote the deep integration of traditional finance and Web3 through blockchain technology and the Ethereum ecosystem. This is not only a strategic transformation for Yunfeng Financial but also a microcosm of how Chinese tech giants are actively exploring innovation and planning for the future in the digital economy era.
Related Reading: Ant Group and JD.com Halt Hong Kong Stablecoin Plans, What’s the Logic Behind the "Emergency Brake"?
Original Article: “Is Jack Ma Building a Strategic Ethereum Reserve? Fact Check: No Official Confirmation”
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