Binance, the world’s largest cryptocurrency exchange, announced its $1 billion move as Bitcoin ($BTC) continued to experience consecutive declines.
At this point, Binance announced it would convert its $1 billion SAFU fund from stablecoins to Bitcoin and had already made $BTC purchases in installments.
Binance SAFU, which made its last purchase on February 12th, has completed its $1 billion $BTC conversion.
According to Arkham data, the Binance SAFU Fund held approximately 15,000 $BTC, worth about $1 billion, following the latest purchase.
For Binance, which profited from the declines, the average cost of Bitcoin was approximately $69,200.
However, with Bitcoin rising above $80,000, Binance SAFU made approximately $200 million in profit.
Binance SAFU fund currently holds 15,000 Bitcoin worth $1.21 billion and has already achieved an unrealized gain of approximately 20% (around $200 million).
*This is not investment advice.