Binance has completed converting its entire $1 billion user protection fund, the Secure Asset Fund for Users (SAFU), from stablecoins into Bitcoin. The exchange acquired a final tranche of 4,545 BTC, bringing its total SAFU holdings to 15,000 BTC, valued at approximately $1 billion. The move, framed as a long-term commitment to Bitcoin, was executed over two weeks at an average price of $67,000 per BTC as the cryptocurrency’s market price declined.
Binance has finalized the conversion of its $1 billion SAFU Fund into Bitcoin, acquiring 4,545 BTC as the final tranche. The exchange now holds 15,000 BTC in the fund, verified to be worth $1.013 billion.
The exchange framed the move as a response to market volatility to support long-term growth. “With SAFU Fund now fully in Bitcoin, we reinforce our belief in BTC as the premier long-term reserve asset,” the company stated.
The conversion was announced on January 30th and completed in under two weeks at an average cost basis of $67,000. Since the announcement, Bitcoin’s price has fallen from $84,000 to approximately $68,000.
One market observer noted a similar accumulation pattern by the exchange preceded a major price rally years earlier. “Last time Binance did this was at around 30,000$ per BTC price dumped like 10%-ish and then went up 4x in the next 2 years,” they said.
Blockchain analytics firm Glassnode indicated whale accumulation has increased by over 3% since the recent price drop. An analyst added this activity mirrors patterns seen before the last bull market.
