Binance Starts $1B SAFU Conversion, Buys First $100M in Bitcoin
Binance kicked off its $1 billion SAFU conversion into Bitcoin with a $100 million purchase, shifting its user protection fund out of stablecoins and into BTC. Crypto exchange Binance bought its first 1,315 Bitcoin as…
Binance has begun converting its $1 billion Secure Asset Fund for Users (SAFU) into Bitcoin, making an initial purchase of 1,315 BTC worth about $101 million. Blockchain.com transaction records show the coins were bought at an average price of $77,409.89 each. The exchange says it intends to complete the remainder of the stablecoin-to-Bitcoin conversion within the next 27 days.
A Binance spokesperson emphasized that SAFU will continue to serve as an emergency backstop for users in extreme incidents or losses. Launched in 2018 and financed by Binance trading fees, the SAFU pool previously held a stablecoin allocation that was moved from BUSD into USDC in 2024 to keep the fund liquid and dollar-linked. Under the new plan, that stablecoin reserve will be fully replaced with Bitcoin.
Binance still has roughly $900 million available 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 indications from Michael Saylor’s Strategy that it would add more BTC after the weekend crash that took prices below its cost basis.
This report was published by Cointelegraph and is presented here as a rewritten summary of their coverage.
