As soon as it was launched, it involved 10,000 Ethereum - this is not some anonymous whale, but rather Yunfeng Financial (a Hong Kong listed company, code 00376), co-founded by Jack Ma and Yu Feng, conducting public operations in the secondary market. According to disclosures, this position, valued at approximately $44 million, was purchased at an average price of $4,400 per unit, coinciding with Ethereum's price correction to the $4,300-$4,500 range in mid-August, indicating extremely precise timing.

What is even more noteworthy is that the company explicitly stated in the announcement: this is just the beginning, and it will continue to increase its holdings of Bitcoin, SOL, and other mainstream crypto assets, building a company-level "digital asset reserve pool."

As an institution managing over 200 billion Hong Kong dollars in assets and holding a virtual asset license in Hong Kong, Yunfeng is using its own cash for this move rather than leverage or fundraising. This indicates that it has likely undergone rigorous internal validation and compliance approval, reflecting that traditional financial institutions are undergoing a substantial shift in their asset allocation logic regarding cryptocurrencies.

Why choose Ethereum?

The policy background may provide key clues. In June, Hong Kong's (Stablecoin Regulation) was officially implemented; in July, the Hong Kong Stock Exchange announced the launch of the RWA (Real World Asset Tokenization) trading platform plan. Against this backdrop, Ethereum, as the most mature smart contract ecosystem and the most active developer community among public chains, is highly likely to become the primary infrastructure for the issuance of various physical assets on-chain.

Yunfeng Financial is clearly eager to seize the opportunity. Once the RWA market matures, Ethereum can serve not only as a means of value storage but may also become the underlying financial facility for asset issuance, trading, and collateralization. From this perspective, its strategic intent far exceeds short-term arbitrage and focuses on structural opportunities for blockchain in traditional financial business.

The market reaction has also been extremely polarized. On the day the announcement was released, Yunfeng Financial's stock price surged 10% in the morning but saw a significant pullback in the afternoon, ultimately closing down 8.17%, with the daily trading volume hitting a six-month high. This shows that there is a clear divergence in funds regarding its crypto strategy: there are investors optimistic about long-term layouts, as well as those who are concerned about short-term uncertainties and choose to exit.

It cannot be ignored that we are at a turning point for institutional funds systematically allocating to cryptocurrencies. BlackRock's Bitcoin ETF holdings have exceeded 500,000 units, and asset management giants like Fidelity continue to increase their positions in mainstream tokens like SOL. Furthermore, the entry of listed financial institutions like Yunfeng with Chinese backgrounds — all of this indicates that crypto assets are transitioning from a niche alternative investment to a standard category in mainstream asset portfolios.

Of course, risks should still not be underestimated. The price of Ethereum remains in a high volatility range, and policy uncertainties (especially regarding Hong Kong and mainland regulatory dynamics) may affect asset liquidity. The maturity of the RWA business model also requires time. However, for institutions, the real attraction may lie in the underlying value reassessment brought by the trillion-level real assets being put on-chain.

To some extent, Yunfeng's actions can be seen as a 'letter of allegiance' submitted by traditional finance to the crypto world. For ordinary investors, while the institutional entry undoubtedly brings liquidity premiums, it is still necessary to calmly consider market volatility and project risks. History keeps repeating itself: opportunities always come with risks, and those who survive until the end are never gamblers, but those who are well-prepared in terms of cognition and risk control.

Do you think this is a strategic asset layout or the beginning of another round of market speculation? Feel free to share your thoughts in the comments.
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