Yunfeng Monetary Group, a Hong Kong-listed firm with ties to Alibaba founder Jack Ma, acquired 10,000 ETH (value about $44 million) in a transfer to deepen its Web3 growth.
The acquisition, disclosed in a voluntary announcement on Tuesday, was funded by means of inner money reserves. The transfer follows a latest announcement by Yunfeng outlining its push into Web3, real world assets (RWA), digital foreign money and synthetic intelligence.
In line with the corporate, Ether (ETH) was chosen as a reserve asset to assist RWA tokenization, technological innovation and the broader integration of finance with Web3 infrastructure.
“The Board believes that the ETH’s inclusion because the Firm’s strategic reserve property is in step with the Group’s structure of growth into frontier areas, together with Web3, and supplies key infrastructure assist for Actual World Property (RWA) tokenization actions,” the corporate stated.
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Yunfeng to categorise ETH as funding asset
ETH will probably be mirrored as an funding asset on Yunfeng’s stability sheet. “The ETH are accounted for as investments within the monetary statements of the Group,” per the announcement.
The corporate additionally famous that ETH holdings would assist diversify its asset base and cut back reliance on conventional fiat currencies. Yunfeng additionally plans to discover Ethereum’s potential utility in insurance coverage operations and new enterprise eventualities tailor-made to decentralized finance.
Yunfeng Monetary is a Hong Kong-listed monetary know-how group that gives funding and financing providers, together with brokerage, asset administration, insurance coverage, and monetary know-how options. Jack Ma is a key affiliate of Yunfeng Monetary.
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Ether Machine raises $654 million in ETH
On Tuesday, The Ether Machine revealed that it has raised $654 million in non-public financing, securing 150,000 ETH from longtime Ethereum advocate Jeffrey Berns, who will be a part of the corporate’s board.
The increase helps a technique to construct a big ETH treasury forward of its deliberate Nasdaq itemizing later this yr. The Ether Machine now holds over 345,000 ETH and is on monitor to go public with greater than 495,000 ETH.
BitMine Immersion Applied sciences, led by Fundstrat’s Tom Lee, added greater than 150,000 ETH to its treasury, bringing its whole holdings to just about 1.87 million ETH, valued at round $8.1 billion.
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