Yunfeng Financial, linked to Jack Ma, purchased 10,000 ETH and listed it as a reserve asset

In a notable move, Yunfeng Financial—a firm associated with billionaire Jack Ma—acquired 10,000 ETH in September 2025, worth approximately $44 million, and added it to its balance sheet as a reserve asset. This decision, detailed in regulatory filings and covered by major crypto media outlets, treats Ethereum not merely as a trade but as a strategic holding—valuing both its scarcity and its utility within the digital economy. It also reignites the conversation around corporate adoption of cryptocurrencies.

About the operation and its sources

The purchase was formally disclosed in filings with the Hong Kong Stock Exchange and confirmed through announcements by Yunfeng itself. The company used its own funds for the acquisition and classified the ETH as a long-term investment. In its public documents, Yunfeng also highlighted its intent to support Web3 innovation and real-world asset tokenization, signaling a deeper commitment to the crypto ecosystem.

Why this is a matter for asset allocation

This acquisition reflects a broader trend: certain cryptocurrencies are increasingly being viewed not as speculative gambles, but as legitimate reserve assets. Companies are starting to recognize the unique value proposition of assets like Ethereum—which combine verifiable scarcity with real-world utility. ETH’s shift to proof-of-stake, its programmable smart contracts, and its role in decentralized finance make it attractive both as a store of value and as operational infrastructure.

Advantages for treasuries

Holding crypto like ETH allows companies to diversify beyond traditional fiat currencies, potentially strengthening their treasury against inflation or market shifts. Ethereum’s smart contract capabilities also open doors for innovation—enabling everything from tokenized assets to automated financial processes. Features like fee burning and constrained supply may further support long-term value appreciation, offering an appealing mix of utility and upside potential.

ETH versus BTC – differences of “digital gold”

While Bitcoin is often seen as “digital gold”—a pure, capped-store of value—Ethereum offers something more: “programmable gold.” It delivers scarcity alongside a powerful utility layer for DeFi, NFTs, and tokenization. This is leading some institutional players to consider a hybrid approach: using Bitcoin as a monetary reserve, and Ethereum as both a reserve asset and a platform for operational use.

Market reaction and regulatory implications

The market took notice of Yunfeng’s move, with many seeing it as a validation of Ethereum’s institutional relevance. It also revived important discussions around custody, accounting, and governance for corporate crypto holdings. Companies following this path will need robust risk controls, regulated custodians, and clear tax guidance. As adoption grows, so does the importance of maintaining financial sovereignty and access to decentralized systems.