Binance’s Secure Asset Fund for Users, the exchange’s emergency insurance reserve, purchased around 1,315 Bitcoin worth over $100 million today, the exchange said in a statement.
The acquisition marks SAFU’s first Bitcoin purchase in nearly two years. The fund was established in 2018 to protect users against potential hacks and platform failures.
This transaction represents the initial phase of a strategy announced on January 30, in which Binance outlined plans to convert $1 billion in stablecoin reserves into Bitcoin over 30 days.
The purchase comes amid heightened market volatility. Bitcoin dropped to around $74,600 over the weekend due to heavy selling before recovering to approximately $77,700.
Historically, the SAFU fund was predominantly held in stablecoins to minimize volatility. The shift toward Bitcoin reserves reflects strategic rebalancing aimed at maintaining the fund’s minimum $1 billion valuation.
Source: https://cryptobriefing.com/binance-safu-fund-bitcoin-purchase/
