Binance has completed converting $1 billion of its user protection fund (SAFU) from stablecoins into Bitcoin, finalizing a 30-day plan. The move raises SAFU’s BTC holdings to 15,000 BTC, valued at roughly $1.05 billion at completion when BTC traded near $67,000. The final tranche of 4,545 BTC was acquired, bringing SAFU’s total BTC reserve to 15,000 BTC.
This marks SAFU’s transition to a Bitcoin-only backing under the new framework. SAFU is now fully denominated in Bitcoin. It followed Binance’s January 30 announcement to convert $1 billion in stablecoins into BTC.
On February 2, Binance performed initial on-chain actions, moving 1,315 BTC from a hot wallet into SAFU, about $100 million in value. The completion within the originally set 30 days underscores Binance’s strategic shift toward Bitcoin as a long-term reserve asset.
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