"Binance SAFU Fund buys an additional 4,225 bitcoins...total holdings reach 10,455"
Summary
- Binance’s SAFU Fund reportedly bought an additional 4,225 bitcoins for about $299.60 million.
- With the purchase, the SAFU Fund’s Bitcoin holdings rose to 10,455 in total, with an estimated value of about $741.39 million.
- Binance said it will convert $1 billion in stablecoin reserves into Bitcoin, and will buy more Bitcoin if the fund’s value falls below $800 million.
Binance’s investor protection fund, SAFU (Secure Asset Fund for Users), address has been seen making additional purchases of Bitcoin (BTC).
According to BlockBeats, a virtual asset (cryptocurrency) news outlet, on-chain analytics firm Arkham’s monitoring showed that the Binance SAFU Fund address bought an additional 4,225 bitcoins on the day. The purchase amount was tallied at about $299.60 million. This is interpreted as an extension of a plan to convert stablecoin reserves into Bitcoin.
With this purchase, the SAFU Fund’s Bitcoin holdings increased to a total of 10,455, with an estimated value of about $741.39 million.
Previously, on the 30th of last month, Binance said it would gradually convert its existing $1 billion stablecoin reserves into Bitcoin. The conversion is targeted to be completed within 30 days, and the firm’s policy is to buy additional Bitcoin to bring it back to around $1 billion if market volatility pushes the fund’s value below $800 million.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
