PiCK
Binance SAFU adds 4,545 more bitcoins…worth $300 million
JOON HYOUNG LEE
Summary
- Binance said it bought an additional $300 million worth of bitcoin through its user protection fund, “SAFU.”
- Binance said it plans to gradually convert $1 billion in SAFU stablecoin reserves into bitcoin.
- Binance said it will buy more bitcoin if the fund’s value falls below $800 million, aiming to bring it back to around $1 billion.
Global cryptocurrency exchange Binance has bought an additional $300 million worth of bitcoin (BTC) through its user protection fund, “SAFU.”
According to blockchain analytics firm Arkham on the 12th (local time), Binance purchased an additional 4,545 bitcoins that day. At current prices, the holding is worth $304.58 million.
Previously, Binance announced late last month that it would gradually convert $1 billion in SAFU stablecoin reserves into bitcoin. Binance has since made five bitcoin purchases so far this month.
The conversion is targeted to be completed within 30 days. Binance said it will buy more bitcoin if market volatility pushes the fund’s value below $800 million, to bring it back to around $1 billion.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
