According to Cointelegraph, Yunfeng Financial Group, a Hong Kong-listed company associated with Alibaba founder Jack Ma, has acquired 10,000 Ether (ETH), valued at approximately $44 million, as part of its strategic expansion into Web3 technologies. This acquisition, funded through internal cash reserves, was disclosed in a voluntary announcement on Tuesday, highlighting Yunfeng's commitment to integrating real-world assets (RWA), digital currency, and artificial intelligence into its operations.
The company has chosen Ether as a reserve asset to bolster its efforts in RWA tokenization and technological innovation, aligning with its broader strategy to merge finance with Web3 infrastructure. Yunfeng Financial's board emphasized that incorporating ETH as a strategic reserve asset supports the group's expansion into frontier areas, including Web3, and provides essential infrastructure for RWA tokenization activities. The company plans to classify ETH as an investment asset on its balance sheet, reflecting its holdings in the financial statements.
Yunfeng Financial aims to diversify its asset base by reducing reliance on traditional fiat currencies, exploring Ethereum's potential applications in insurance operations and new business scenarios tailored to decentralized finance. As a Hong Kong-listed financial technology group, Yunfeng Financial offers investment and financing services, including brokerage, asset management, insurance, and financial technology solutions, with Jack Ma as a key associate.
In related news, The Ether Machine announced on Tuesday 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. This funding supports The Ether Machine's strategy to build a substantial ETH treasury ahead of its planned Nasdaq listing later this year. The company now holds over 345,000 ETH and is on track to go public with more than 495,000 ETH.
Additionally, BitMine Immersion Technologies, led by Fundstrat’s Tom Lee, has added over 150,000 ETH to its treasury, bringing its total holdings to nearly 1.87 million ETH, valued at approximately $8.1 billion. These developments underscore the growing interest and investment in Ethereum as companies seek to leverage its capabilities for future financial and technological innovations.
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