Binance buys dip with first $100M Bitcoin purchase from $1B SAFU fund

Crypto speech Binance has bought its archetypal 1,315 Bitcoin arsenic portion of its conversion program for the Secure Asset Fund for Users (SAFU).

The Bitcoin (BTC), worthy $101 million, was bought for an mean terms of $77,409.89 per coin, according to data from Blockchain.com. Binance says it expects to displacement the remainder of SAFU’s $1B from stablecoins to Bitcoin within the adjacent 27 days.

A Binance spokesperson told Cointelegraph connected Friday that the SAFU money volition proceed to beryllium utilized arsenic a backstop for users successful the lawsuit of utmost incidents oregon losses.

Binance converts $100 cardinal to BTC. Source: Blockchain.com

Binance shifts SAFU reserves from USDC to BTC

The SAFU fund, launched successful 2018, is simply a dedicated idiosyncratic extortion excavation funded by Binance trading fees. In 2024, Binance shifted the stablecoin information of SAFU from BUSD into USDC. The speech positioned the determination arsenic a mode to support the exigency money liquid, reliable and tied to the US dollar.

​The caller conversion to BTC moves SAFU retired of stablecoins altogether, efficaciously backing idiosyncratic extortion with the plus Binance considers the industry’s superior long‑term store of value.

Binance inactive has astir $900 cardinal successful buying power, earmarked for BTC allocations.

The determination comes arsenic markets reel from a sharp crypto sell-off, which saw the terms of BTC autumn concisely beneath $75,000.

Bitcoin terms chart. Source: CoinMarketCap

It besides follows caller buy-the-dip signals from Michael Saylor’s Strategy, which hinted that it would adhd much Bitcoin aft the play clang pushed BTC beneath its outgo basis. 

Big questions: Would Bitcoin past a 10-year powerfulness outage?