Binance SAFU Fund completes third Bitcoin purchase, boosting stash to $410M
Binance's SAFU fund bought 3,600 more Bitcoin, increasing its total holdings to 6,230 BTC worth about $410 million.Summary
Binance’s Secure Asset Fund for Users (SAFU) executed its third Bitcoin purchase, acquiring an additional 3,600 BTC for roughly $233 million. This brings the fund's total Bitcoin holdings to 6,230 BTC, valued near $410 million at current market rates. This move is part of Binance's goal to convert $1 billion of its stablecoin reserves into Bitcoin within 30 days, a target it has already surpassed 40% of in just four days. Established in 2018 after a security breach, SAFU serves as an emergency reserve for user assets. Binance initiated this strategic shift to Bitcoin on January 30, citing benefits like transparency, auditability, and inflation hedging, and has committed to maintaining the fund's value at $1 billion if it drops below $800 million.
(Source：Crypto Briefing)