"Wizard" Jack Ma officially joins the cryptocurrency game, is the game about to change direction?

(Dan Tri) - Billionaire Jack Ma's Yunfeng Financial Group Limited has officially joined the cryptocurrency game.

Yunfeng Financial Group Limited - a Hong Kong-listed company co-founded by billionaire Jack Ma - has officially joined the cryptocurrency game.

Yunfeng Financial confirmed that it has purchased 10,000 Ethereum (ETH), worth about $44 million, using cash reserves. The move is part of the company's strategy to expand into the digital currency sector.

“The company believes that adding ETH to its strategic reserve asset portfolio is consistent with the group's pioneering expansion orientation,” the company announced.

Yunfeng’s ETH purchase will be accounted for as an investment asset on its balance sheet. The company also revealed the possibility of applying ETH in insurance and decentralized finance (DeFi) products. Experts say this is not only a financial move but also a technological gamble.

Billionaire Jack Ma (Photo: Reuters).

For ETH investors, the involvement of large financial institutions is a “catalyst” that often appears before strong price increases. ETH is currently trading around $4,360, up slightly by 0.85% in the past 24 hours.

In a post on social network X, ETH co-founder Joseph Lubin argued that Wall Street is paying for a fragmented infrastructure and ETH will eliminate much of this fragmentation. “Big financial corporations like JPMorgan will soon have to participate in decentralized infrastructure,” Lubin emphasized.

Notably, Mr. Lubin also predicted that the price of ETH could increase 100 times compared to the current price, or even more. “ETH will surpass the monetary base of bitcoin,” Mr. Lubin predicted.

ETH has also been the focus of attention of cryptocurrency investors recently. Since the beginning of April, ETH has tripled. In that context, many large financial corporations tend to switch from holding bitcoin to ETH.

Source: https://dantri.com.vn/kinh-doanh/phu-thuy-jack-ma-chinh-thuc-nhap-cuoc-tien-so-cuoc-choi-sap-doi-chieu-20250903174631177.htm