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 development of public corporations adopting crypto treasury methods, a playbook popularized by Strategy with Bitcoin (BTC).
Corporations similar to SharpLink Gaming and Bitmine have taken similar steps in recent months, betting on ETH as a part of long-term stability sheet administration.
Yunfeng, which supplies 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 growth 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 companies are starting to undertake digital property 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 growing role in corporate 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 CryptoSlate information, Ethereum was buying and selling at $4,264 as of press time, down 2.12% over the previous 24 hours.
