As announced recently, Binance has begun converting its SAFU Fund stablecoin reserves into Bitcoin, with the first transaction converting 1,315 $BTC for $100.7 million.
The full process is expected to be completed within the next 30 days.
For context, the SAFU Fund is a security reserve set up by Binance to protect users in case of any incidents. The fund will be regularly rebalanced based on market value, and if BTC price movements push the fund below $800 million, Binance will replenish it back to $1 billion.
This move reflects Binance’s belief that Bitcoin is the foundational asset of the ecosystem and the premier long-term store of value.