Yunfeng Monetary Group, the Hong Kong-listed monetary providers agency tied to Jack Ma, has bought 10,000 Ethereum (ETH) value about $44 million to start constructing an ETH treasury, filings revealed on Sept. 2 revealed.
The acquisition marked Yunfeng’s entry into the rising pattern of public corporations adopting crypto treasury methods, a playbook popularized by Technique with Bitcoin (BTC).
Companies corresponding to 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 supplies providers together with insurance coverage, brokerage, and asset administration, stated the Ethereum buy will assist cut back its reliance on conventional currencies whereas supporting its technological growth into Web3, real-world belongings, 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 companies are starting to undertake digital belongings in company finance methods that transcend speculative buying and selling.
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 corporations 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 companies is seen as a sign of deepening institutional acceptance.
Based mostly on cryptopressnews information, Ethereum was buying and selling at $4,264 as of press time, down 2.12% over the previous 24 hours.
