Yunfeng Monetary Group (0376) joined the ranks of publicly listed companies to undertake an ether treasury technique, shopping for 10,000 ETH for $44 million.
Hong Kong-based Yunfeng Monetary, a supplier of economic companies corresponding to insurance coverage, brokerage and asset administration, is majority owned by Shanghai-based personal fairness agency Yunfeng Capital, which was co-founded in 2010 by Jack Ma, who additionally co-founded Ant Group and Alibaba.
The ETH buy, introduced on Tuesday, types a part of Yunfeng’s growth into Web3, real-world property (RWAs), digital forex and synthetic intelligence (AI), which it unveiled in July. Yunfeng Monetary stated the ether will scale back its reliance on conventional currencies and assist facilitate its technological plans in Web3.
A variety of public together with companies sports activities betting firm SharpLink Gaming (SBET) and crypto mining and knowledge middle operator Bitmine Immersion Applied sciences (BMNR) have begun pursuing ether treasury methods in current months, shopping for giant portions of the world’s second-largest cryptocurrency to emulate the playbook that Michael Saylor’s Technique (MSTR) made well-known with bitcoin .
Yunfeng Monetary’s Hong Kong-listed shares closed 9.55% larger at 3.67 Hong Kong {dollars} (47 U.S. cents) on Tuesday.
