Binance finalizes $1 billion SAFU reserve conversion into bitcoin
Binance completed the $1 billion conversion of its SAFU insurance fund entirely into Bitcoin, holding 15,000 BTC.Summary
Binance has successfully finalized the conversion of its Secure Asset Fund for Users (SAFU) reserve into Bitcoin (BTC), completing a $1 billion transition announced last month. The exchange confirmed the purchase of a final tranche of 4,545 BTC, bringing the total SAFU holdings to 15,000 BTC, valued at approximately $1.005 billion at the time of completion. Binance published the associated Bitcoin wallet address and transaction hash for transparency. Established in 2018, SAFU is an emergency insurance reserve designed to protect users. Binance stated this move reinforces its belief in BTC as the premier long-term reserve asset. To manage potential volatility, Binance commits to regular audits and will rebalance the fund to restore its $1 billion value if market fluctuations cause it to drop below $800 million.
(Source：The Block)