Binance plans to convert its $1 billion SAFU fund into BTC within the next month.
Binance, the largest cryptocurrency exchange, plans to purchase $1 billion worth of Bitcoin (BTC) within the next month as part of its long-term plan to support the cryptocurrency ecosystem.
“We believe Bitcoin is the foundational asset of this ecosystem and the premier long-term store of value,” the company said on X.
The exchange also plans to top up the fund if its market value drops below $800 million post-conversion, according to a blog post.
Binance, founded in 2017 by Zhao, has consistently been at the forefront of the cryptocurrency market, despite facing regulatory pressures.
Bitcoin, the largest cryptocurrency by market capitalization, has a current market cap of approximately $1.6 trillion. Binance’s purchase comes at a time when the crypto market is navigating turbulent waters.
BTC is down 2% in the past 24 hours and nearly 9% over the past week.
The broader sentiment in the community is largely bullish, with many expecting Bitcoin’s price to rise following Binance’s announcement.
This article was generated with the assistance of AI workflows.