Cryptocurrency exchange Binance bought $100 million worth of bitcoin using part of its SAFU fund (Secure Asset Fund for Users), Cointelegraph reported on Feb. 2.
The purchase brings the SAFU fund’s total holdings to 13,000 BTC. Binance is using the SAFU fund to strengthen user protection and emergency response. The purchase was made when bitcoin’s price fell into the $70,000 range.
Cointelegraph said Binance converted 10 percent of the SAFU fund into bitcoin. The SAFU fund is Binance’s emergency reserve built from trading fees. Since 2024, it has shifted toward reducing its stablecoin share and expanding bitcoin purchases.
After the purchase, the SAFU fund still has $900 million in remaining buying capacity, and additional conversion to BTC is likely, Cointelegraph said. Binance is expected to continue pursuing a strategy of using BTC as a long-term store of value while responding to volatility in the cryptocurrency market through the SAFU fund.
Chi-gyu Hwang
delight@d-today.co.kr