Cryptocurrency exchange Binance has completed the final phase of its plan to convert its Secure Asset Fund for Users (SAFU) entirely into bitcoin, finalizing a $1 billion shift from stablecoin reserves into BTC. At a bitcoin price of $67,000 at the time of completion, the fund’s value stood at approximately $1.005 billion, according to a post shared on X on Thursday. Bitcoin was trading at around $67,500 at the time of publication. SAFU was originally created to protect users from losses caused by unexpected events such as hacks and security breaches.
Previously backed by a mix of assets including stablecoins, the fund is now fully denominated in bitcoin under Binance’s updated framework. The company has also committed to replenishing the reserve if its value falls below $800 million due to market volatility. The 30-day transition was completed within the timeframe Binance outlined when it first announced the strategic change.
The decision dates back to late January, when the exchange revealed plans to convert $1 billion worth of dollar-pegged tokens held in SAFU into bitcoin, citing confidence in BTC as a long-term reserve asset. In early February, Binance initiated the process on-chain by transferring 1,315 BTC—worth roughly $100 million at the time—from its hot wallets into SAFU. That move marked the beginning of what has become one of the largest single treasury-style reallocations into bitcoin by a crypto exchange.
The shift aligns with a broader trend among companies that have begun adopting bitcoin as a strategic reserve asset, reallocating portions of their treasury holdings from traditional fiat currencies into BTC. This movement reflects growing institutional acceptance of bitcoin’s perceived long-term store-of-value characteristics, particularly amid persistent inflation concerns and relatively low yields on conventional assets. Binance stated that the fully bitcoin-backed SAFU highlights its confidence in BTC as a leading long-term reserve asset.
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