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Binance has begun shifting its $1 billion user protection fund into bitcoin, converting stablecoin reserves as part of a broader move to anchor SAFU in what it calls crypto’s most durable asset.
Binance Begins $1B Bitcoin Accumulation Plan With First $100M Allocation
Crypto exchange Binance shared on social media platform X on Feb. 2 that it has completed the first stage of its Secure Asset Fund for Users (SAFU) conversion. The update confirmed that a portion of SAFU reserves has been converted from stablecoins into bitcoin.
The company stated:
“Binance has completed the first batch of bitcoin conversion for the SAFU Fund, amounting to 100M USD stablecoins.”
Binance also shared a confirmed on-chain transaction with the update, indicating that roughly 1,350 $BTC has already been converted as part of the SAFU process. The transfer was valued at about $107 million at the time.
Read more: Binance Doubles Down on Bitcoin: Buying $1B $BTC Within 30 Days
This transaction update builds on an open letter Binance released on Jan. 29 outlining measures to reinforce user protection, compliance cooperation, transparency, and long-term industry development. In that letter, the exchange detailed its decision to convert the SAFU fund’s $1 billion USDC balance into bitcoin within 30 days, framing the move as a structural allocation choice anchored in asset durability. The letter explains:
“Guided by our belief that $BTC serves as the core asset in the crypto ecosystem and represents long-term value, Binance will continue to stand alongside our industry through market cycles and uncertainty, continuously investing resources into the crypto ecosystem.”
The crypto firm also clarified that after conversion it will monitor the fund’s market value and rebalance if it falls below $800 million, restoring it to $1 billion as needed.