Yunfeng Financial Acquires 10,000 ETH to Boost Web3 Efforts
Yunfeng Financial Group, a Hong Kong-listed company associated with Alibaba founder Jack Ma, has acquired 10,000 ETH valued at approximately $44 million. The purchase was funded using internal cash reserves and disclosed through a voluntary announcement on Tuesday. This move is part of Yunfeng's broader strategy to deepen its expansion into Web3 and digital finance.
Strategic Move to Support Tokenization and Innovation
The company stated that Ether was selected as a reserve asset to strengthen its initiatives in real-world asset (RWA) tokenization and technological innovation. ETH will be recorded as an investment asset on Yunfeng's balance sheet, adding diversification and reducing reliance on traditional fiat currencies. The company is also exploring how Ethereum could enhance insurance operations and new business cases linked to decentralized finance.
Further Moves in the ETH Ecosystem
Elsewhere in the market, Ether Machine secured 150,000 ETH in private financing from Ethereum supporter Jeffrey Berns, who will join the board as part of the agreement. This brings Ether Machine's total ETH holdings to more than 345,000, as the group prepares for a planned Nasdaq listing later this year. In another development, BitMine Immersion Technologies, overseen by analyst Tom Lee, added over 150,000 ETH to its treasury. The firm now holds nearly 1.87 million ETH, with a current market value of about $8.1 billion.
Broadening Adoption of Ether in Corporate Balance Sheets
Yunfeng's investment marks an increasing trend among firms to hold ether as a reserve asset. By integrating ETH into strategy and reporting, these companies aim to leverage blockchain infrastructure for evolving financial services and new business models in digital assets and decentralized finance.
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