Binance SAFU Fund buys 1,315 Bitcoin worth over $100 million
Crypto Briefing
Binance's SAFU Fund acquired approximately 1,315 Bitcoin valued over $100 million as part of a strategy to convert stablecoin reserves.Summary
Binance's Secure Asset Fund for Users (SAFU) has purchased about 1,315 Bitcoin, valued at over $100 million, marking its first Bitcoin acquisition in nearly two years. This move is the initial phase of a strategy announced on January 30 to convert $1 billion in stablecoin reserves into Bitcoin over 30 days. Established in 2018 to safeguard users against platform failures or hacks, the SAFU fund historically held assets predominantly in stablecoins. The strategic shift towards Bitcoin reserves is intended to maintain the fund's minimum $1 billion valuation amidst recent market volatility, where Bitcoin experienced a significant weekend drop before partially recovering.
(Source：Crypto Briefing)