Yunfeng Monetary Group, a Hong Kong-listed firm with ties to Alibaba founder Jack Ma, acquired 10,000 ETH (price about $44 million) in a transfer to deepen its Web3 growth.
The acquisition, disclosed in a voluntary announcement on Tuesday, was funded by inside money reserves. The transfer follows a current announcement by Yunfeng outlining its push into Web3, actual world belongings (RWA), digital forex and synthetic intelligence.
In keeping with the corporate, Ether (ETH) was chosen as a reserve asset to assist RWA tokenization, technological innovation and the broader integration of finance with Web3 infrastructure.
“The Board believes that the ETH’s inclusion because the Firm’s strategic reserve belongings is in line with the Group’s structure of growth into frontier areas, together with Web3, and gives key infrastructure assist for Actual World Belongings (RWA) tokenization actions,” the corporate stated.
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Yunfeng to categorise ETH as funding asset
ETH will likely be mirrored as an funding asset on Yunfeng’s steadiness sheet. “The ETH are accounted for as investments within the monetary statements of the Group,” per the announcement.
The corporate additionally famous that ETH holdings would assist diversify its asset base and cut back reliance on conventional fiat currencies. Yunfeng additionally plans to discover Ethereum’s potential utility in insurance coverage operations and new enterprise eventualities tailor-made to decentralized finance.
Yunfeng Monetary is a Hong Kong-listed monetary expertise group that gives funding and financing companies, together with brokerage, asset administration, insurance coverage, and monetary expertise options. Jack Ma is a key affiliate of Yunfeng Monetary.
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Ether Machine raises $654 million in ETH
On Tuesday, The Ether Machine revealed that it has raised $654 million in personal financing, securing 150,000 ETH from longtime Ethereum advocate Jeffrey Berns, who will be a part of the corporate’s board.
The elevate helps a technique to construct a big ETH treasury forward of its deliberate Nasdaq itemizing later this 12 months. The Ether Machine now holds over 345,000 ETH and is on observe to go public with greater than 495,000 ETH.
BitMine Immersion Applied sciences, led by Fundstrat’s Tom Lee, added greater than 150,000 ETH to its treasury, bringing its complete holdings to almost 1.87 million ETH, valued at round $8.1 billion.
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