Yunfeng Monetary Group, the Hong Kong-listed monetary providers agency tied to Jack Ma, has bought 10,000 Ethereum (ETH) price about $44 million to start constructing an ETH treasury, filings printed on Sept. 2 revealed.
The acquisition marked Yunfeng’s entry into the rising pattern of public firms adopting crypto treasury methods, a playbook popularized by Technique with Bitcoin (BTC).
Corporations reminiscent of SharpLink Gaming and Bitmine have taken related steps in latest months, betting on ETH as a part of long-term steadiness sheet administration.
Yunfeng, which gives providers together with insurance coverage, brokerage, and asset administration, mentioned the Ethereum buy will assist scale back its reliance on conventional currencies whereas supporting its technological enlargement into Web3, real-world property, digital currencies, and AI.
The corporate unveiled its broader technique in July as a part of a pivot towards next-generation monetary infrastructure. The agency is majority owned by Shanghai-based Yunfeng Capital, the personal fairness group co-founded in 2010 by Ma, who additionally helped launch Ant Group and Alibaba.
Yunfeng’s entry into crypto treasuries signifies how Asia-based corporations are starting to undertake digital property in company finance methods that transcend speculative buying and selling.
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Yunfeng Monetary’s shares rose 9.55% following the announcement and closed the day at 3.67 Hong Kong {dollars} (47 U.S. cents).
The transfer provides momentum to ETH’s rising position in company treasuries, with extra firms seeking to diversify away from fiat and combine blockchain-based infrastructure into their companies.
Ethereum is the world’s second-largest cryptocurrency by market worth, and treasury adoption by listed corporations is seen as a sign of deepening institutional acceptance.
Primarily based on CryptoSlate information, Ethereum was buying and selling at $4,264 as of press time, down 2.12% over the previous 24 hours.