Binance’s SAFU fund sits on $217 million gain as Bitcoin rises above $81,000
Binance's SAFU fund has achieved a $217 million profit following its strategic conversion of stablecoins into Bitcoin.Summary
Binance's emergency reserve, known as the Secure Asset Fund for Users (SAFU), has realized a paper profit of $217 million. This gain follows the exchange's decision earlier this year to convert $1 billion in stablecoins into 15,000 BTC across four separate purchases, maintaining an average cost basis of $67,000.
The fund, now valued at over $1.2 billion, serves as a safety net established in 2018 following several exchange hacks. Binance indicated it may rebalance the fund if its total value falls below the $800 million threshold.
This strategic shift from stablecoins to Bitcoin reflects Binance's belief in the long-term value of Bitcoin despite its inherent market volatility. While the fund benefits from recent price surges, Bitcoin remains volatile, trading significantly below its previous peak.
(Source：Crypto Briefing)