Jack MA-bound Hong Kong-listed financial services company Yunfeng Financial Group has purchased 10,000 Ethereum (ETH), worth around $44 million, to begin filings revealed by the filing issued on September 2.
The acquisition marked Yunfen’s entry into the growth trends of public companies employing Crypto Treasury Strategies, a playbook that is popularized by its strategy with Bitcoin (BTC).
Companies like Sharplink Gaming and Bitmine have taken similar steps in recent months, betting on ETH as part of their long-term balance sheet management.
Yunfeng, which offers services including insurance, brokerages and asset management, said the purchase of Ethereum will help reduce reliance on traditional currencies while supporting technological expansion into Web3, real-world assets, digital currencies and AI.
The company announced a broad strategy in July as part of its pivot towards next-generation financial infrastructure. The company is majority owned by Shanghai-based Yunfeng Capital. It is a private equity group co-founded by MA in 2010 and helped launch ANT Group and Alibaba.
Yunfeng’s entry into Crypto Creasuries shows how ASIA-based companies are beginning to adopt digital assets with corporate finance strategies beyond speculative trading.
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Yunfeng Financial’s shares rose 9.55% after the announcement, closing the day at HK$3.67 (47 US cents).
The move has gained momentum in the growing role of ETH in corporate finance, with more companies looking to diversify away from Fiat and integrate blockchain-based infrastructure into their businesses.
Ethereum is the world’s second largest cryptocurrency by market value, and the adoption of the Ministry of Finance by listed companies is considered a signal to deepen institutional acceptance.
Based on encrypted data, Ethereum traded at $4,264 at press time, a 2.12% decline over the last 24 hours.