Binance completes $1 billion shift of stablecoin reserves into bitcoin (BTC)
Binance finalized converting its $1 billion SAFU fund from stablecoins entirely into 15,000 BTC, reinforcing Bitcoin as its long-term reserve asset.Summary
Cryptocurrency exchange Binance has successfully completed the 30-day transition of its Secure Asset Fund for Users (SAFU), originally backed by stablecoins, entirely into Bitcoin (BTC). The final purchase brought the total holdings to 15,000 BTC, valued at approximately $1.005 billion at the time of completion. SAFU was established to protect users against unforeseen losses like hacks. Under the new structure, the fund is fully denominated in Bitcoin, which Binance views as the premier long-term reserve asset. Binance also committed to replenishing the reserve if its value drops below $800 million due to market volatility. This move aligns with a broader trend of companies adopting Bitcoin as a strategic treasury reserve asset.
(Source：CoinDesk)