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Binance completes $1 billion shift of stablecoin reserves into bitcoin (BTC)
Binance finalized a $1 billion shift of its SAFU reserve into 15,000 BTC and will replenish if value falls below $800 million amid market volatility.
- Earlier this month, Binance, the cryptocurrency exchange, completed the SAFU conversion by purchasing 4,545 BTC, finalizing its $1 billion allocation into bitcoin during the 30-day program.
- Following its late January announcement, Binance said the fully bitcoin-backed SAFU reflects confidence in BTC as a long-term reserve asset amid a growing trend of companies adopting BTC since recent years.
- On Feb. 2, Binance moved 1,315 BTC worth roughly $100 million from hot wallets into SAFU, executing a 30-day program finalized within its set timeline.
- The exchange pledged to replenish the reserve if its value drops below $800 million, while SAFU, originally backed by mixed assets, protects users from losses such as hacks.
- At publication, bitcoin was trading around $67,500, providing near-term context for SAFU's $1,005,000,000 valuation based on a $67,000 BTC price basis.
26 Articles
26 Articles
Binance Completes $1B SAFU Fund Shift to Bitcoin – #CryptoUpdatesGNIT
Binance converts $1 billion SAFU fund fully into Bitcoin, buying 4,545 BTC to finish its reserve overhaul. Binance announced on Thursday that it has finished converting its $1 billion Secure Asset Fund for Users (SAFU) from stablecoins into Bitcoin, purchasing a final tranche of 4,545 BTC and bringing total holdings to 15,000 BTC. The exchange’s decision to shift its emergency insurance reserve into BTC rather than a dollar-pegged asset…
Key news points: A whale wallet deposited 8,200 BTC, about $559 million, in Binance in two days, and analysts say these flows tend to anticipate sales. After a previous deposit, bitcoin dropped more than 3% in minutes, dropping from nearly $69,000 to about $65,000 while traders reduced risk. Although Binance converted $1 billion of SAFU into about 15,000 BTC and Strategy buys weekly, the volatility by CPI keeps the market sensitive. Bitcoin has …
Binance News: $1B SAFU Bitcoin Conversion as Thailand Expands Crypto
Key Insights: Binance news: The exchange added 4,545 BTC to SAFU, which brings total holdings to approximately 15,000 BTC. The $1B conversion plan moved stablecoin reserves into Bitcoin over 30 days. Thailand approved digital assets, including Bitcoin, as underlying for derivatives. Binance completed the final step in its $1 billion Bitcoin conversion plan. Arkham monitoring confirmed the move for its SAFU reserve fund. This marks a major miles…
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