The Hong Kong-listed Yunfeng Financial Group has announced its plan to add Bitcoin (BTC) and Solana (SOL) to continue increasing the company’s digital asset allocation.
Earlier this week, the firm purchased 10,000 Ethereum (ETH) for $44 million. Now, according to a local media report, Caixin, the firm wants to expand its corporate reserve by adding other crypto assets such as Bitcoin (BTC) and Solana (SOL). Further, an Ethereum purchase was made on the open market and forms part of a broader strategy to reduce reliance on traditional fiat currencies and align the company with emerging financial technologies.
Yunfeng Financial is backed by Yunfeng Capital, a private equity firm co-founded by Alibaba’s Jack Ma and an entrepreneur known as David (Feng) Yu. Public records show that Ma holds an indirect 40% stake in the financial group, giving the transaction added visibility amid growing institutional interest in crypto.
Turning to Digital Space: Strategic Move
Yunfeng first hinted at this digital direction in July, when it announced plans to expand into Web3, AI, and blockchain-based financial services. Holding Ethereum provides the company with access to the infrastructure layer that supports smart contracts, decentralized applications, and tokenized insurance products. This exposure positions the company within the ecosystem that drives much of the future of decentralized technology.
Similar plans are being seen among a growing number of publicly listed firms. Right from gaming companies like SharpLink Gaming (SBET) to data center operators like BitMine Immersion Technologies (BMNR), multiple firms have started accumulating ETH as part of long-term treasury and technology strategies.
However, Yunfeng’s choice to add Solana and Bitcoin to its balance sheet signifies a strategic move toward long-term incorporation of digital assets. This decision might also encourage other financial companies with headquarters in Hong Kong to follow suit.
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