Binance’s Safe Asset Fund for Customers (SAFU) bought an extra 3,600 Bitcoin for roughly $233 million on Friday, bringing its whole Bitcoin holdings to six,230 BTC valued at round $410 million at present market costs, based on on-chain knowledge.
Binance targets changing $1 billion of stablecoin reserves within the SAFU fund into Bitcoin in 30 days. The corporate surpassed 40% of its objective in 4 days.
SAFU, established in July 2018 following a safety breach, features as an emergency reserve to guard person property within the occasion of hacks or alternate points. The fund reached $1 billion in worth by January 2022, funded by allocations from buying and selling charges.
Binance introduced the strategic shift to Bitcoin holdings on January 30, citing transparency, auditability, and inflation hedging as major motivations. The conversion course of started on February 2 with an preliminary buy of 1,315 BTC for over $100 million.
The alternate has dedicated to restoring SAFU to $1 billion if its worth falls under $800 million. The fund at present safeguards property for over 300 million customers.
