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Jack Ma's holding company spent 314 million yuan to buy Ethereum.
Recently, the prices of virtual currencies have dropped, and over 100,000 people have liquidated their positions.
Recently, Yunfeng Financial, in which Jack Ma holds a 40% stake, announced that its board has approved the purchase of Eth( Ethereum) in the open market as company reserve assets. As of the announcement date, the group has cumulatively purchased 10,000 Eth, with a total investment amount of 44 million USD (approximately 314 million RMB), and all funds are sourced from the group's internal cash reserves.
Recently, the prices of virtual currencies such as Bitcoin and Ethereum suddenly dropped. According to coinglass data, a total of 104,000 people were liquidated in the cryptocurrency market in the past 24 hours, with a total liquidation amount of 159 million USD.