Hong Kong’s Yunfeng Financial Group, which is linked to Jack Ma, has just purchased 10,000 Ethereum (ETH) worth about $44 million to begin building an ETH treasury.
According to reports, Yunfeng, which provides services including insurance, brokerage, and asset management, said the Ethereum purchase will help reduce its reliance on traditional currencies while supporting its technological expansion into Web3, real-world assets, digital currencies, and AI. The firm’s entry into crypto indicates how Asia-based firms are beginning to adopt digital assets in corporate finance strategies that go beyond speculative trading. Japan’s Metaplanet leads the way with a Bitcoin treasury worth about US$2.2 billion. The former hotel operator turned Bitcoin Treasury company has just received shareholder approval to issue up to 555 billion yen (US$3.8 billion) in preferred shares – to buy more Bitcoin.
Several US-based companies have also started building significant ETH treasuries, as they see the blockchain as forming the backbone of a new, on-chain financial system. In a Linkedin post, Marc Beaumann, CEO of 51 Insights – a crypto focused research and strategic intelligence firm – commented:
“…Jack Ma just bought ๐ญ๐ฌ,๐ฌ๐ฌ๐ฌ ๐๐ง๐ ($๐ฐ๐ฐ๐ ). If you think this is just another โcrypto bet,โ youโre missing the real story.
10 years ago, Maja Vujinovic (CEO of FG Nexus (Nasdaq: FGNX) ran the first trade finance deal between J.P. Morgan and GE ๐ฐ๐ฏ ๐๐ต๐ฉ๐ฆ๐ณ๐ฆ๐ถ๐ฎ.
She brought in Joseph Lubin, co-founder of Ethereum, to execute on her vision:
“๐๐ต๐ฉ๐ฆ๐ณ๐ฆ๐ถ๐ฎ ๐ธ๐ช๐ญ๐ญ ๐ฃ๐ฆ ๐ต๐ฉ๐ฆ ๐ฃ๐ข๐ค๐ฌ๐ฃ๐ฐ๐ฏ๐ฆ ๐ฐ๐ง ๐ต๐ฐ๐ฎ๐ฐ๐ณ๐ณ๐ฐ๐ธ’๐ด ๐ง๐ช๐ฏ๐ข๐ฏ๐ค๐ช๐ข๐ญ ๐ด๐บ๐ด๐ต๐ฆ๐ฎ. ๐๐ฎ๐ข๐ณ๐ต ๐ค๐ฐ๐ฏ๐ต๐ณ๐ข๐ค๐ต๐ด ๐ธ๐ช๐ญ๐ญ ๐ฃ๐ฆ ๐ฐ๐ถ๐ณ ๐ง๐ถ๐ต๐ถ๐ณ๐ฆ.”
This is playing out in real time.
Weโre entering the โon-chain economyโ where ๐ฆ๐ท๐ฆ๐ณ๐บ๐ต๐ฉ๐ช๐ฏ๐จ runs on blockchains.”
This newsletter is produced by Access Asia Group, a risk management and advisory firm specializing in due diligence, asset recovery and protection, corporate investigations, and brand protection servicesย across Asia. For more information about our services, please contact us at services@accessasiagroup.com or visit us at www.accessasiagroup.com.