Binance’s Safe Assets Fund for Users (SAFU) on Friday purchased an additional 3,600 Bitcoins for approximately $233 million, bringing its total Bitcoin holdings to 6,230 Bitcoins. $BTC According to on-chain data, it is worth approximately $410 million at the current market price.
Binance aims to convert $1 billion of the SAFU Fund’s stablecoin reserves into Bitcoin within 30 days. The company exceeded 40% of its target in four days.
SAFU was established in July 2018 following a security breach and serves as an emergency reserve to protect user assets in the event of a hack or exchange issue. The fund reached a value of $1 billion by January 2022 and was funded by allocations from trading fees.
Binance announced on January 30th its strategic shift to Bitcoin holdings, citing transparency, auditability, and inflation hedging as key motivations. The conversion process started on February 2nd with initial purchases of 1,315. $BTC For over $100 million.
The exchange has committed to restoring SAFU to $1 billion if its value falls below $800 million. The fund currently protects the assets of over 300 million users.
