Yunfeng Financial Group, the Hong Kong-listed financial services firm tied to Jack Ma, has purchased 10,000 Ethereum (ETH) worth about $44 million to begin building an ETH treasury, filings published on Sept. 2 revealed.
The acquisition marked Yunfeng’s entry into the growing trend of public companies adopting crypto treasury strategies, a playbook popularized by Strategy with Bitcoin (BTC).
Firms such as SharpLink Gaming and Bitmine have taken similar steps in recent months, betting on ETH as part of long-term balance sheet management.
Yunfeng, which provides services including insurance, brokerage, and asset management, said the Ethereum purchase will help reduce its reliance on traditional currencies while supporting its technological expansion into Web3, real-world assets, digital currencies, and AI.
The company unveiled its broader strategy in July as part of a pivot toward next-generation financial infrastructure. The firm is majority owned by Shanghai-based Yunfeng Capital, the private equity group co-founded in 2010 by Ma, who also helped launch Ant Group and Alibaba.
Yunfeng’s entry into crypto treasuries indicates how Asia-based firms are beginning to adopt digital assets in corporate finance strategies that go beyond speculative trading.
Yunfeng Financial’s shares rose 9.55% following the announcement and closed the day at 3.67 Hong Kong dollars (47 U.S. cents).
The move adds momentum to ETH’s growing role in corporate treasuries, 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 treasury adoption by listed firms is seen as a signal of deepening institutional acceptance.
Based on CryptoSlate data, Ethereum was trading at $4,264 as of press time, down 2.12% over the past 24 hours.