Virtual Asset Treasury Frenzy in Hong Kong…Jack Ma and Changpeng Zhao Also Participate

Hong Kong-listed companies are showing signs of actively beginning to accumulate virtual assets (cryptocurrencies).

On the 8th (Korean time), according to China's Phoenix Net, Hong Kong-listed Yunfeng Financial, in which Alibaba founder Jack Ma and others hold stakes, recently announced via a board resolution that it had purchased 10,000 Ethereum (ETH) on the public market. The investment amounted to about $44 million.

The outlet said that the 'Digital Asset Treasury (DAT)' model has recently been drawing attention in Hong Kong's financial sector. According to Hong Kong's 'Digital Asset Listed Companies Association', 38 of the 49 member listed companies have purchased virtual assets or are reviewing plans to purchase them in the future. Boyaa Interactive already holds 3670 Bitcoin (BTC).

Binance founder Changpeng Zhao's family office, Ez Labs, is also reportedly seeking companies to accumulate Binance Coin (BNB) through Hong Kong. Ez Labs' CEO Ella Zhang is visiting across Asia, and Ez Labs has been expanding treasury projects through the Asian market, including raising funds for a $1 billion 'B Strategy' fund.