Yunfeng Financial Group, the Hong Kong-Gente financial service provider that is linked to Jack Ma, has purchased 10,000 Ethereum (ETH) worth around $ 44 million to start building an ETH Treasury, files published on 2 September unveiled.
The acquisition marked the access from Yunfeng to the growing trend of public companies that take crypto -treasury strategies, made a playbook popular by strategy with Bitcoin (BTC).
Companies such as Sharplink-Gaming and Bitmine have taken comparable steps in recent months, bet on ETH as part of long-term balance management.
Yunfeng, which offers services, including insurance, brokerage and asset management, said that the Ethereum purchase will help to reduce their dependence on traditional currencies and at the same time support the technological expansion of web3, real-world assets, digital currencies and AI.
The company unveiled its broader strategy in July as part of a hinge to financial infrastructure of the next generation. The company is the majority of Yunfeng Capital in Shanghai, the private equity group that was co -founded in 2010 by Ma, who also helped with the launch of Ant Group and Alibaba.
The entry of Yunfeng to crypto-treasure boxes indicates how companies established in Asia start to adopt digital assets in business financing strategies that go beyond speculative trade.
The shares of Yunfeng Financial rose by 9.55% after the announcement and closed the day at 3.67 Hong Kong dollars (47 US cent).
The move adds Momentum to the growing role of ETH in company treasures, whereby more companies want to diversify from Fiat and want to integrate blockchain-based infrastructure into their company.
Ethereum is the world’s second largest cryptocurrency due to market value, and treasury acceptance by listed companies is seen as a signal to deepen institutional acceptance.
Based on crypto slat data, Ethereum traded at $ 4,264 from the moment of press, a decrease of 2.12% during the last 24 hours.
