Yunfeng Financial Group, a Hong Kong-listed company with ties to Alibaba founder Jack Ma, acquired 10,000 ETH (worth about $44 million) in a move to deepen its Web3 expansion.
The purchase, disclosed in a voluntary announcement on Tuesday, was funded through internal cash reserves. The move follows a recent announcement by Yunfeng outlining its push into Web3, real world assets (RWA), digital currency and artificial intelligence.
According to the company, Ether (ETH) was chosen as a reserve asset to support RWA tokenization, technological innovation and the broader integration of finance with Web3 infrastructure.
“The Board believes that the ETH’s inclusion as the Company’s strategic reserve assets is consistent with the Group’s layout of expansion into frontier areas, including Web3, and provides key infrastructure support for Real World Assets (RWA) tokenization activities,” the company said.
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Yunfeng to classify ETH as investment asset
ETH will be reflected as an investment asset on Yunfeng’s balance sheet. “The ETH are accounted for as investments in the financial statements of the Group,” per the announcement.
The company also noted that ETH holdings would help diversify its asset base and reduce reliance on traditional fiat currencies. Yunfeng also plans to explore Ethereum’s potential application in insurance operations and new business scenarios tailored to decentralized finance.
Yunfeng Financial is a Hong Kong-listed financial technology group that provides investment and financing services, including brokerage, asset management, insurance, and financial technology solutions. Jack Ma is a key associate of Yunfeng Financial.
Related: Ethereum to shut down its biggest testnet Holesky after Fusaka fork
Ether Machine raises $654 million in ETH
On Tuesday, The Ether Machine revealed that it has raised $654 million in private financing, securing 150,000 ETH from longtime Ethereum advocate Jeffrey Berns, who will join the company’s board.
The raise supports a strategy to build a large ETH treasury ahead of its planned Nasdaq listing later this year. The Ether Machine now holds over 345,000 ETH and is on track to go public with more than 495,000 ETH.
BitMine Immersion Technologies, led by Fundstrat’s Tom Lee, added more than 150,000 ETH to its treasury, bringing its total holdings to nearly 1.87 million ETH, valued at around $8.1 billion.
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Source: https://cointelegraph.com/news/yunfeng-financial-10000-eth-web3-expansion?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
