Crypto: Binance Completes $1b Bitcoin Conversion For Safu Emergency Fund

Binance completed its $1 billion Bitcoin conversion for its emergency user fund as crypto sentiment hit record lows and smart money traders increased short exposure.

Binance completed the $1 billion Bitcoin conversion for its emergency fund, committing to holding Bitcoin as its core reserve asset.

Binance purchased another $304 million worth of Bitcoin (BTC) on Thursday, completing the conversion of $1 billion in Bitcoin for its Secure Asset Fund for Users (SAFU) wallet, according to Arkham data.

The fund now holds 15,000 Bitcoin, worth over $1 billion, acquired at an average aggregate cost basis of $67,000 per coin, Binance said in a Thursday X post.

The last tranche of BTC came three days after Binance’s previous $300 million acquisition on Monday.

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The exchange first announced it would convert its $1 billion user protection fund into Bitcoin on Jan. 30, initially pledging a 30-day window for the acquisitions, which were completed in less than two weeks.

The exchange said it would rebalance the fund if volatility pushes its value below $800 million.

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The conversion comes as broader market sentiment remains deeply negative.

Source: CoinTelegraph