Binance SAFU completes conversion to $1bn in Bitcoin… holdings at 15,000 BTC

Source

JOON HYOUNG LEE

Summary

Binance said it has completed the full conversion of $1bn in stablecoin reserves in its user protection fund “SAFU” into Bitcoin (BTC).
Following the conversion, SAFU’s Bitcoin holdings total 15,000 BTC, worth about $1.05bn at current prices, it said.
Binance said it plans to make additional Bitcoin purchases if market volatility drives the value of SAFU reserves below $1bn.

Forecast Trend Report by Period

Global cryptocurrency exchange Binance has converted its user protection fund, “SAFU,” entirely into Bitcoin (BTC).

Binance said on the 12th (local time) via its official X account, “We have completed the process of converting SAFU’s $1bn stablecoin reserves into Bitcoin.” Binance added that “this conversion was completed within 30 days of the initial announcement” and that it “proceeded according to the originally promised timeline.” Earlier, Binance announced at the end of last month that it would convert all of SAFU’s stablecoin reserves into Bitcoin.

Binance SAFU’s Bitcoin holdings were tallied at a total of 15,000 BTC. At current prices, they are worth about $1.05bn.

Binance plans to buy additional Bitcoin if market volatility causes the value of SAFU reserves to fall below $1bn. A Binance official said, “By converting SAFU entirely into Bitcoin, we have reaffirmed our belief that Bitcoin is the top long-term reserve asset.”

BTC