Binance purchased $100 million in Bitcoin for its SAFU fund conversion, executing a 1,350 BTC transaction at $77,873 as industry leaders clash over October crash causes.
Binance completed the first $100 million Bitcoin purchase for its SAFU fund conversion on February 2, executing a transaction of 1,350 BTC at approximately $77,873 per coin as the crypto traded near nine-month lows.
The exchange announced it seeks to complete the full $1 billion conversion within 30 days of its original January 30 announcement, responding to mounting community criticism following October’s $19 billion liquidation event.
The move comes as Bitcoin plunged below $80,000 over the weekend, triggering over $2.5 billion in liquidations and leaving the average U.S. spot Bitcoin ETF investor underwater with purchase prices around $87,830 while the asset trades near $75,000.
Blockchain data confirmed the transaction moved funds from 22 Binance wallet addresses to a designated SAFU address holding 1,315 BTC, with the exchange paying minimal fees of 5.017 satoshis per virtual byte.
