Binance said it has completed the first stage of converting its Secure Asset Fund for Users into Bitcoin, purchasing 1,315 BTC worth roughly $100 million. The acquisition was made at an average price near $77,400 per coin, according to on-chain data, marking the start of a broader shift away from stablecoin reserves.
The SAFU fund, launched in 2018 and funded through trading fees, is designed to protect users during extreme market events. Binance previously moved the fund from BUSD into USDC, citing liquidity and stability considerations. The latest decision places the reserve entirely in Bitcoin, reflecting a change in how the exchange manages long-term risk exposure.
The move comes amid elevated market volatility, with Bitcoin recently falling below $75,000 during a broader crypto sell-off. Binance said it expects to complete the remaining $900 million conversion over the coming weeks, maintaining SAFU as a backstop while aligning it more closely with Bitcoin market dynamics.
