Binance has transferred 4,225 BTC worth roughly $299.6 million into its Secure Asset Fund for Users, raising the SAFU’s total holdings to a milestone 10,455 BTC, valued at nearly $734 million. This internal move is part of the exchange’s $1 billion plan to convert stablecoin reserves into Bitcoin over 30 days, aimed at bolstering the fund’s security and transparency without impacting market prices.
Binance has added 4,225 Bitcoin to its Secure Asset Fund for Users (SAFU). The transfer, valued at approximately $299.6 million, originated from a Binance-controlled hot wallet directly into the official SAFU wallet.
This internal transaction brings the SAFU fund’s total holdings to 10,455 Bitcoin, worth nearly $734 million. On-chain data confirms this is the first time the SAFU wallet has accumulated over 10,000 BTC.
The move is part of a previously declared plan to shift about $1 billion from stablecoins into Bitcoin within 30 days. “We’re continuing to acquire Bitcoin for the SAFU fund, aiming to complete conversion of the fund within 30 days of our original announcement,” the exchange stated.
On-chain analytics firm Lookonchain first identified the transaction and mentioned several similar transfers were made earlier this week. The SAFU fund was established after a 2019 security breach at Binance to create a buffer against potential losses.
Bitcoin was trading around $70,038 at the time of writing, showing a weekly decline of over 8%. The exchange’s internal transfers are not likely to interfere with the market, as the coins were not bought through public exchanges.
