Alibaba Affiliate Firm Yunfeng Financial Buys 10,000 ETH ($44M)

Yunfeng Financial Group, a Hong Kong-based company affiliated with Alibaba co-founder Jack Ma, has made a significant move into the space. According to a Tuesday report termed “voluntary announcement,” the firm purchased 10,000 ETH valued at $44 million.

Meanwhile, the purchase was funded through the company’s internal cash reserve to bolster its strategic expansion into Web3, real-world asset (RWA) tokenization, digital currencies, and artificial intelligence (AI).

Strategic Move Into the Crypto Space

Per the voluntary disclosure, the latest acquisition builds on the company’s earlier announcement. For context, Yunfeng Financial Group announced on July 14 that it plans a strategic expansion to integrate blockchain technology and decentralized finance (DeFi) into its operations.

“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.

Notably, the board approved the purchase of ETH to establish Ethereum as its strategic reserve, classifying the altcoin king as an investment asset on its balance sheet. It plans to explore Ethereum’s potential applications in its insurance operations and other innovative DeFi business scenarios.

For perspective, the aim is to diversify its portfolio and reduce reliance on traditional fiat currencies. The company believes that this move will enhance investors’ autonomy and position Yunfeng as one of the leading groups in the digital landscape.

Investors Flock to the Ethereum Market

Meanwhile, Yunfeng Group’s recent purchase adds to the notable list of investors who have purchased Ethereum. In a recent report, Bitmine Immersion Technologies stacked over 15,000 ETH in its treasury.

With the acquisition, the company now boasts a total Ethereum stash of approximately 1.87 million ETH worth $8 billion at the current market price. Meanwhile, CoinTab also reported that Ether Machine has made a significant move, securing $654 million in private funding.

Notably, prominent Ethereum supporter Jeffrey Berns donated the funds as he will be joining the company’s board of directors. This investment brings the company’s Ethereum holdings to 495,362 ETH, valued at approximately $2.16 billion, with an additional $367 million reserved for future ETH acquisitions.

The post Alibaba Affiliate Firm Yunfeng Financial Buys 10,000 ETH ($44M) appeared first on Cointab.