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Yunfeng Financial Group, the Hong Kong-listed fiscal services steadfast tied to Jack Ma, has purchased 10,000 Ethereum (ETH) worthy astir $44 cardinal to statesman gathering an ETH treasury, filings published connected Sept. 2 revealed.
The acquisition marked Yunfeng’s introduction into the increasing inclination of nationalist companies adopting crypto treasury strategies, a playbook popularized by Strategy with Bitcoin (BTC).
Firms specified arsenic SharpLink Gaming and Bitmine person taken similar steps successful caller months, betting connected ETH arsenic portion of semipermanent equilibrium expanse management.
Yunfeng, which provides services including insurance, brokerage, and plus management, said the Ethereum acquisition volition assistance trim its reliance connected accepted currencies portion supporting its technological enlargement into Web3, real-world assets, integer currencies, and AI.
The institution unveiled its broader strategy successful July arsenic portion of a pivot toward next-generation fiscal infrastructure. The steadfast is bulk owned by Shanghai-based Yunfeng Capital, the backstage equity radical co-founded successful 2010 by Ma, who besides helped motorboat Ant Group and Alibaba.
Yunfeng’s introduction into crypto treasuries indicates however Asia-based firms are opening to follow integer assets successful firm concern strategies that spell beyond speculative trading.
Yunfeng Financial’s shares roseate 9.55% pursuing the announcement and closed the time astatine 3.67 Hong Kong dollars (47 U.S. cents).
The determination adds momentum to ETH’s growing relation successful firm treasuries, with much companies looking to diversify distant from fiat and integrate blockchain-based infrastructure into their businesses.
Ethereum is the world’s second-largest cryptocurrency by marketplace value, and treasury adoption by listed firms is seen arsenic a awesome of deepening organization acceptance.
Based connected CryptoSlate data, Ethereum was trading astatine $4,264 arsenic of property time, down 2.12% implicit the past 24 hours.
The station Jack Ma-backed Yunfeng Financial dives into Ethereum for firm treasury transformation appeared archetypal connected CryptoSlate.
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