Yunfeng Financial Group (0376) joined the ranks of publicly listed companies, adopted the Ether financial strategy and purchased 10,000 ETH for $44 million.
Hong Kong-based Yunfeng Financial is a provider of financial services such as insurance, brokerages and asset management, and is majority owned by Shanghai-based private equity company Yunfeng Capital.
The ETH purchase announced on Tuesday forms part of Yunfeng’s expansion to Web3. Web3, real world assets (RWAS), digital currency and artificial intelligence (AI) were announced in July. Yunfeng Financial said the ether will help reduce reliance on traditional currencies and promote technical planning on Web3.
Many public, including corporate sports betting firm Sharplink Gaming (SBET) and Crypto Mining and Data Center Operator Bitmine Immersion Technologies (BMNR), have begun pursuing Ether Thiperisury Strategies in recent months, emulating the Michael Sayler strategy by purchasing a large selection of the world’s second largest cryptocurrency (MSTR) BTC$110,674.93.
Yunfeng Financial’s Hong Kong-listed stocks rose 9.55% to Hong Kong dollars (47 US cents) on Tuesday.
