According to Arkham Intelligence monitoring data, Binance bought 4,545 BTC for its SAFU reserve this week. The purchase equals about $305 million and shifts the fund into Bitcoin as the reserve asset.
The reserve wallet now holds 15,000 BTC, worth roughly $1.0 billion. The fund had previously been held in stablecoins and served as emergency insurance for users.
In a post to X, Binance said “With SAFU Fund now fully in Bitcoin, we reinforce our belief in BTC as the premier long-term reserve asset.” The exchange had also purchased about $100 million in Bitcoin last week.
Binance said an automatic mechanism will top up the balance to $1 billion if needed. The refill trigger is set at $800 million, covering market declines or legal costs.
Some observers view the stablecoin-to-Bitcoin move as a vote of confidence in the asset. (Ed. note: Bitcoin traded under $66,000 after a roughly 30% decline in the prior month.)
Analysts including Bernstein and Grayscale say Bitcoin may follow a five-year path and could reach a new peak this year.
