Binance’s Secure Asset Fund for Users (SAFU) purchased an additional 3,600 Bitcoin for approximately $233 million on Friday, bringing its total Bitcoin holdings to 6,230 BTC valued at around $410 million at current market prices, according to on-chain data.
Binance targets converting $1 billion of stablecoin reserves in the SAFU fund into Bitcoin in 30 days. The company surpassed 40% of its goal in four days.
SAFU, established in July 2018 following a security breach, functions as an emergency reserve to protect user assets in the event of hacks or exchange issues. The fund reached $1 billion in value by January 2022, funded through allocations from trading fees.
Binance announced the strategic shift to Bitcoin holdings on January 30, citing transparency, auditability, and inflation hedging as primary motivations. The conversion process began on February 2 with an initial purchase of 1,315 BTC for over $100 million.
The exchange has committed to restoring SAFU to $1 billion if its value falls below $800 million. The fund currently safeguards assets for over 300 million users.
Source: https://cryptobriefing.com/binance-safu-fund-bitcoin-increase/
