Binance has started converting its $1 billion Secure Asset Fund for Users (SAFU) into Bitcoin, making an initial purchase of 1,315 BTC valued at about $101 million. The coins were acquired at an average price of $77,409.89 each, according to Blockchain.com transaction data. The exchange says it plans to complete the remainder of the conversion from stablecoins to Bitcoin within the next 27 days.
A Binance spokesperson told Cointelegraph that SAFU will continue to serve as a backstop for users in extreme incidents or losses. Launched in 2018 and funded by Binance trading fees, the SAFU pool held a stablecoin allocation that was moved from BUSD into USDC in 2024 to keep the emergency fund liquid and dollar-linked. The new plan replaces the stablecoin holdings entirely with Bitcoin.
Binance still has roughly $900 million earmarked to acquire additional BTC for the fund. The timing comes amid a recent crypto market sell-off that briefly pushed Bitcoin below $75,000. The move also follows signals from Michael Saylor’s Strategy, which indicated it would buy more BTC after the weekend crash that dropped prices below its cost basis.
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