Yunfeng Financial Group (0376), a Hong Kong-listed financial services provider with ties to Alibaba founder Jack Ma, has announced the purchase of 10,000 ETH, valued at approximately $44 million, to establish an ether treasury strategy. The acquisition, funded through internal cash reserves, was disclosed in a voluntary announcement on Tuesday, September 2, 2025.
The move is part of Yunfeng's broader expansion into Web3, real-world assets (RWA) tokenization, digital currency, and artificial intelligence, which the company unveiled in July. According to the announcement, ETH was selected as a strategic reserve asset to support RWA tokenization activities, technological innovation, and the integration of finance with Web3 infrastructure. "The Board believes that the ETH’s inclusion as the Company’s strategic reserve assets is consistent with the Group’s layout of expansion into frontier areas, including Web3, and provides key infrastructure support for Real World Assets (RWA) tokenization activities," the company stated.
Yunfeng Financial, majority-owned by Shanghai-based private equity firm Yunfeng Capital (co-founded by Jack Ma in 2010), plans to classify ETH as an investment asset on its balance sheet. The company emphasized that holding ETH would diversify its asset base, reduce reliance on traditional fiat currencies, and facilitate its technological plans in Web3. Additionally, Yunfeng intends to explore Ethereum's potential applications in insurance operations and decentralized finance scenarios.
This development aligns with a growing trend among publicly listed companies adopting ether treasury strategies, emulating the bitcoin treasury playbook popularized by Michael Saylor's MicroStrategy. Recent examples include SharpLink Gaming (SBET) and Bitmine Immersion Technologies (BMNR), the latter of which, led by Fundstrat’s Tom Lee, now holds nearly 1.87 million ETH valued at around $8.1 billion. In a related move, The Ether Machine recently raised $654 million in private financing, securing 150,000 ETH from Ethereum advocate Jeffrey Berns, and plans to go public with over 495,000 ETH.
Following the announcement, Yunfeng Financial's Hong Kong-listed shares closed 9.55% higher at HK$3.67 (47 U.S. cents) on Tuesday.