Bitmine boosts ETH stake; Binance shifts SAFU to Bitcoin
6.6 Investments Bitmine staked $887M more in ETH, totaling $7.98B. Binance plans to convert its $1B SAFU fund from stablecoins to Bitcoin, signaling long-term confidence but raising market stability concerns.
Bitmine has significantly increased its Ethereum staking, adding 314,496 ETH valued at $887 million. This brings its total staked holdings to 2,831,392 ETH, worth approximately $7.98 billion. The move, reported by Onchain-Lenz, underscores Bitmine’s ongoing accumulation strategy and signals strong institutional confidence in Ethereum’s proof-of-stake ecosystem. Meanwhile, Binance has announced plans to convert its $1 billion Secure Asset Fund for Users (SAFU) from stablecoins into Bitcoin over the next 30 days. This strategic shift reflects Binance’s long-term confidence in Bitcoin and marks a change in how the exchange backs its emergency protection fund, previously held in stablecoins and major crypto assets. While most reports confirm the plan, some sources note conflicting information about the current composition of the SAFU fund, with official documentation still listing USDC as the holding. The move has sparked varied reactions in the crypto community, with some expressing concerns about market stability and asset protection.
