Jack Ma-Backed Yunfeng Dives Into Crypto With $44 Million Ether Purchase

The purchase marks a growing trend of publicly traded companies adding cryptocurrencies to their balance sheets, a strategy known on Wall Street as digital asset treasury

A financial group backed by Alibaba Group founder Jack Ma has made a major foray into digital assets, investing $44 million to acquire 10,000 units of Ether, the native token of the Ethereum blockchain.

Yunfeng Financial Group Ltd., a Hong Kong-listed company in which Ma holds an 11.15% stake, disclosed the acquisition in a regulatory filing Tuesday. The company said it purchased the Ether on the open market using internal cash and would classify the asset as a long-term investment on its financial books.