Binance is fully converting the $1 billion SAFU fund into Bitcoin, purchasing 4,545 BTC to complete the overhaul of its reserves.
Binance announced on Thursday that it had completed the conversion of its $1 billion Secure User Asset Fund (SAFU) of stablecoins into Bitcoin, purchasing a final tranche of 4,545 BTC and bringing the total holdings to 15,000 BTC.
The exchange’s decision to shift its emergency insurance reserve to BTC rather than a dollar-pegged asset reversed its position from April 2024 and placed approximately $1 billion of user protection funds directly into the cryptocurrency with the largest market capitalization.
Conversion completed within 30 days
Binance executed the rebalance in several separate purchases between February 2 and 12, according to on-chain data monitored by Lookonchain. The final transaction of 4,545 BTC, valued at $304.5 million, brought the total stake value to just over $1 billion, based on Bitcoin’s current price of around $67,000.
The exchange first announced the conversion plan on January 30, saying the process would be completed within 30 days. However, the completion dropped almost halfway through this window, with the SAFU wallet address, which Binance made public, now holding 15,000 BTC.
The Secure Asset Fund for Users was created in 2018 as an insurance pool to cover user losses during extreme events such as exchange hacks. In April 2024, Binance fully converted the fund to USDC, describing the move at the time as a measure of stability. The completion of this project now marks a complete reversal of this approach.
Binance said it views Bitcoin as “the premier long-term reserve asset” and presented the decision as aligning SAFU with this position. The company also said it would rebalance the fund if its value fell below $800 million due to falling prices.
Market context
When the move was announced, it sparked immediate comments from market observers, with crypto commentator Garrett describing the conversion on X as “a direct injection of capital into the market” and “what responsible builders do.”
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The announcement came as CryptoQuant data showed that Binance accounted for about 41% of spot trading volume among the top 10 exchanges in 2025. The exchange also maintains similarly high shares in Bitcoin perpetual futures and stablecoin reserves.
Meanwhile, in the market, the OG cryptocurrency was trading around the $67,300 level at the time of writing, up slightly by around 0.5% over the past 24 hours, but in the red over seven days after suffering a decline of almost 5% according to CoinGecko data.
The situation is the same over longer periods, with BTC having lost just under 24% of its value in the last fortnight and almost 30% in the last month to keep its price more than 46% below its all-time high above $126,000 reached in October 2025.
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