6 hours ago
Yunfeng Financial Group (0376) joined the ranks of publically listed firms to follow an ether treasury strategy, buying 10,000 ETH for $44 million.
Hong Kong-based Yunfeng Financial, a supplier of fiscal services specified arsenic insurance, brokerage and plus management, is bulk owned by Shanghai-based backstage equity steadfast Yunfeng Capital, which was co-founded successful 2010 by Jack Ma, who besides co-founded Ant Group and Alibaba.
The ETH purchase, announced connected Tuesday, forms portion of Yunfeng's enlargement into Web3, real-world assets (RWAs), integer currency and artificial quality (AI), which it unveiled successful July. Yunfeng Financial said the ether volition trim its reliance connected accepted currencies and assistance facilitate its technological plans successful Web3.
A fig of nationalist including firms sports betting institution SharpLink Gaming (SBET) and crypto mining and information halfway relation Bitmine Immersion Technologies (BMNR) person begun pursuing ether treasury strategies successful caller months, buying ample quantities of the world's second-largest cryptocurrency to emulate the playbook that Michael Saylor's Strategy (MSTR) made celebrated with bitcoin (BTC).
Yunfeng Financial's Hong Kong-listed shares closed 9.55% higher astatine 3.67 Hong Kong dollars (47 U.S. cents) connected Tuesday.
English (US) 