Binance bought $300 million in Bitcoin for its SAFU reserve, pushing the fund past $720 million as the exchange shifts its emergency buffer to BTC.
Binance added another $300 million worth of Bitcoin to its emergency reserves on Monday, continuing its experiment with a Bitcoin-backed protection fund as markets remain under pressure.
Binance bought another 4,225 Bitcoin (BTC) worth $300 million for its Secure Asset Fund for Users (SAFU) wallet, which holds its emergency reserves, according to blockchain data platform Arkham.
The acquisition lifts the fund’s Bitcoin holdings to more than $720 million at current prices.