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Binance completes the conversion of 1.000 billion dollars into Bitcoin for the SAFU emergency fund.$BTC
Binance purchased another 300 million dollars in Bitcoins on Thursday as the final tranche of its acquisition of 1.000 billion dollars in BTC for its SAFU emergency fund.
Binance completed the conversion of 1.000 billion dollars into Bitcoins for its emergency fund, committing to hold Bitcoin as its main reserve asset.
Binance bought another 304 million dollars in Bitcoin (BTC) on Thursday, completing the conversion of 1.000 billion dollars into Bitcoins for its Secure Asset Fund for Users (SAFU) wallet, according to Arkham data.
The fund now holds 15.000 Bitcoins, worth over 1.000 billion dollars, acquired at an average cost of 67.000 dollars per coin, Binance reported in a post on Thursday on X.
“Now that the SAFU fund is fully in Bitcoins, we reinforce our confidence in BTC as the main long-term reserve asset.”
The last tranche of BTC arrived three days after Binance's previous acquisition worth 300 million dollars on Monday.
The exchange first announced that it would convert its 1.000 billion dollar user protection fund into Bitcoins on January 30, initially committing to a 30-day timeline for acquisitions, which were completed in less than two weeks.
The exchange stated it would rebalance the fund if volatility pushed its value below 800 million dollars.