Binance Buys $235 Million Worth of Bitcoin for SAFU Fund

• Binance bought $235 million in Bitcoin as part of its planned $1 billion SAFU fund conversion.
• The exchange completed a second $100 million stablecoin-to-Bitcoin conversion tranche this week.
• SAFU fund changes follow insolvency rumors, which Binance and Changpeng Zhao have denied.

Binance has purchased another $235 million worth of Bitcoin for its Secure Asset Fund for Users (SAFU), advancing its plan to convert $1 billion of the fund’s reserves from stablecoins into BTC.

This follows a previous purchase on Wednesday, Binance confirmed that it had acquired an additional 1,315 BTC for the SAFU Fund. According to on-chain data from Arkham, the transfer occurred on February 4 and was valued at approximately $100.42 million at the time of execution. The exchange stated that the transaction completed another phase of its stablecoin-to-Bitcoin conversion process.

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