Yunfeng's bet on Ethereum is indeed exciting. On Tuesday, it was announced that Yunfeng purchased 10,000 Ethereum through HashKey.


Because Yunfeng is one of the few funds personally established by Jack Ma, the scale of 44 million USD must have received Jack Ma's approval.

Jack Ma's vision is among the top in the country and even globally, and most of his predictions have come true in some way.

The capital related to Jack Ma is actually very limited. Apart from various funds starting with Alibaba (including public welfare), the only area where Jack Ma has clearly been deeply involved is:
(1) Yunfeng Capital (Yu Feng);
(2) Blue Pool Capital (Cai Chongxin);
(3) Enbao (family office nature).

Among them, Yunfeng Capital is directly named after Jack Ma's 'Yun' and Yu Feng's 'Feng', making it the number one. Another partner, Yu Feng, is relatively low-key, but he was actually the owner of JuZhong Media, which was later merged into FenZhong Media.

According to Yu Feng's shareholder letter, the equity structure of Yunfeng is 40-60: Jack Ma 40%, Yu Feng 60%. Although Yu Feng is responsible for management, Jack Ma is involved in major decisions.



Yunfeng Financial is a financial platform under Yunfeng Capital. Although Jack Ma's share in Yunfeng Financial has been diluted, he still holds over 11%.

Yunfeng Financial, according to another report from 2024, has self-held assets of about 2 billion USD. Therefore, a case as large as 0.44 billion USD is very likely to have Jack Ma's personal approval.


Jack Ma is actually very supportive of blockchain technology. As early as 2018, he directly stated at the World Intelligent Conference: 'Without blockchain, people will die.'

However, looking back over the years, Jack Ma seems to believe there is overheating or a bubble in cryptocurrency. At least when he was publicly asked about his attitude towards cryptocurrency, he would respond this way.

Of course, at that time the crypto market was too small, not worth Jack Ma's intervention.

Last year, when Cai Chongxin's family office, Blue Pool Capital (which Jack Ma also participated in), invested in Animoca, everyone was excited for a long time, but it still wasn't direct enough: first, Blue Pool's capital scale is smaller, and Jack Ma's share is also lower; second, Animoca itself is a fund that was once keen on investing in blockchain games and NFTs.

So at that time, it could only be considered as Jack Ma being indirectly optimistic.

However, when Yunfeng personally participated, buying 10,000 Ethereum from HashKey, this was a clear signal of true optimism.

Some people say, could this be a case of left hand helping the right hand?

Indeed, some companies when doing DAT just take shortcuts to directly seek large holders to finance Ethereum, and some even suspect that large holders are indirectly cashing out Ethereum through listed companies.

But since HashKey is involved, it's highly likely that this is a genuine purchase, rather than a left-hand-right-hand swap.

Why do I say this?

What is everyone's impression of HashKey? Most people should think of HashKey's compliant trading platform and HashKey Capital.

Especially regarding capital, we have actually discussed many projects that HashKey Capital has led or participated in before.

In addition, HashKey also has a very low-key OTC team. They mainly handle large transactions and have relevant licenses and qualifications in Hong Kong and Singapore, with a very high level of compliance.

This compliant OTC is completely not on the same level as those various merchants on CEX, and not even the same concept.

Regulatory requirements for them are extremely high, even a bit abnormal. They cannot participate in any fraudulent cases, and risk control requires customers to explain the source of funds every time. Previously, opening an account at HashKey OTC took nearly a month of various investigations and interrogations, showing how high the compliance requirements are.

If Yunfeng were to swap hands, there would be no need to use HashKey's OTC; it would be simpler to just issue an announcement. So from this perspective, 'left hand helping the right hand' is unlikely.

This brings up another topic: many people have asked whether HashKey can only target compliant markets, such as the 7 million local residents in Hong Kong and some other compliant markets. Is the market too small for HashKey and $HSK to have a future?

In fact, this purchase by Yunfeng is a demonstration of HashKey's prospects.

As a Hong Kong-listed company, Yunfeng Financial is subject to Hong Kong regulations, and its choices are inherently limited. Its nature naturally determines that it cannot trade on offshore exchanges and can only choose platforms like HashKey, or perhaps barely Coinbase. In addition to Yunfeng, the previously listed Hong Kong company Huajian Medical also purchased 5,190 Ethereum through HashKey.

Therefore, with Jack Ma just starting to buy Ethereum, on one hand, it is beneficial for $ETH, and in the future, more companies will join in strategic reserves. On the other hand, as the saying goes, buying brokers in a bull market, this is also a very positive signal for $HSK.


Back to the main topic, in 2024 there were rumors that Jack Ma was denied after buying cryptocurrency. By 2025, seeing Jack Ma publicly buying Ethereum, people still felt excited.

Next is Buffett. I wonder if I will see him start to tentatively try cryptocurrency in my lifetime, even if it's just a similarly small-scale allocation.