Yunfeng Financial Group (0376) Joined the ranks of publicly listed companies to adopt an ether state -box strategy and buy 10,000 ETH for $ 44 million.
Hong Kong-based Yunfeng Financial, a provider of financial services such as insurance, brokerage and asset management, owned the majority of Shanghai-based private equity company Yunfeng Capital, founded in 2010 by Jack Ma, who also co-founded Ant Group and Alibaba.
The Eth acquisition, which was announced on Tuesday, constitutes part of Yunfeng’s expansion to web3, assets in the real world (Rwas)Digital currency and artificial intelligence (AI)As it revealed in July. Yunfeng Financial said Ether will reduce its dependence on traditional currencies and help facilitate its technological plans in web3.
A number of public including companies Sports Betting Company Sharplink Gaming (Sbet) and crypto mining and data center operator Bitmine Immersion Technologies (BMNR) has begun to pursue ethermates in recent months and buy large quantities of the world’s second largest cryptocurrency to emulate the playbook that Michael Saylor’s strategy (Mstr) made famous with bitcoin .
Yunfeng Financials Hong Kong -noted Shares closed 9.55% higher at 3.67 Hong Kong Dollars (47 US cents) On Tuesday.
