FINANCE

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

Published: Sep. 4, 2025 4:59 a.m. GMT+8

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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.

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Yunfeng Financial Group, backed by Jack Ma, invested $44 million to acquire 10,000 Ether, classifying it as a long-term asset.
The company reported a 14% year-over-year profit rise in 2024, with total assets reaching HK$96 billion ($12.3 billion).
Yunfeng plans more digital asset investments and partnerships in blockchain, amid a wider trend among Hong Kong firms like Sinohope investing in digital asset treasury projects.

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Who’s Who

Yunfeng Financial Group Ltd.: Yunfeng Financial Group Ltd., a Hong Kong-listed company, has an 11.15% stake held by Alibaba's Jack Ma. It recently invested $44 million to acquire 10,000 Ether tokens, classifying it as a long-term investment. They plan to deepen their Web3 embrace, increase digital asset holdings like Bitcoin and Solana, and partnered with Ant Digital Technologies for blockchain expansion. In fiscal year 2024, their net operating profit was HK$1.13 billion, and total assets reached HK$96 billion.

Ant Digital Technologies: Ant Digital Technologies, the technology arm of Ant Group, has formed a strategic partnership with Yunfeng Financial Group Ltd. They plan to expand into blockchain-powered areas like real-world asset tokenization and Web3 services, collaborating through a platform called Pharos.

YF Life Insurance International Ltd.: YF Life Insurance International Ltd. is an insurance subsidiary that is majority-owned by Yunfeng Financial Group Ltd. This subsidiary played a significant role in Yunfeng Financial's financial performance for the 2024 fiscal year, contributing to its net operating profit of HK$1.13 billion.

Sinohope Technology Holdings Ltd.: Sinohope Technology Holdings Ltd. is a Hong Kong-listed firm. Its major shareholder is Huobi crypto exchange founder Li Lin. Sinohope created a $500 million fund to invest in Digital Asset Treasury (DAT) projects, specifically focusing on mainstream digital currencies such as Ether and Solana.

Huobi crypto exchange: Huobi crypto exchange is associated with Li Lin, who is the major shareholder of Sinohope Technology Holdings Ltd. Sinohope Technology Holdings Ltd. recently created a $500 million fund to invest in digital asset treasury projects, focusing on mainstream digital currencies like Ether and Solana.

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What Happened When

2024 fiscal year：: Yunfeng Financial reported HK$1.13 billion ($145 million) in net operating profit, up 14% year-over-year.

End of 2024：: Yunfeng Financial Group’s total assets rose 7% year-over-year to HK$96 billion at the end of 2024.

July 2025：: Yunfeng Financial announced plans to systematically target opportunities in digital currencies, artificial intelligence, RWAs, and zero-carbon assets.

August 26, 2025：: Sinohope Technology Holdings Ltd. announced it had created a $500 million fund to invest in DAT projects with a focus on mainstream digital currencies.

September 1, 2025：: Yunfeng Financial announced a strategic partnership with Ant Digital Technologies to jointly expand into blockchain-powered areas such as RWA tokenization and Web3 services.

September 2, 2025：: Yunfeng Financial disclosed in a regulatory filing that it acquired 10,000 units of Ether for $44 million using internal cash.

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