Cryptocurrency exchange Binance has executed a significant purchase of 3,600 Bitcoin (BTC) for its Secure Asset Fund for Users (SAFU), valued at approximately $233 million to $250 million. This acquisition is part of a broader, aggressive strategy to convert the entirety of the $1 billion user-protection fund from stablecoins into Bitcoin within a 30-day window announced on January 29.
The latest purchase, confirmed by Binance via social media and on-chain data from Lookonchain, brings the SAFU fund's total Bitcoin holdings to 6,230 BTC. The exchange stated it is "continuing to acquire Bitcoin for the SAFU fund, aiming to complete conversion of the fund within 30 days of our original announcement." This pivot represents a strategic shift for the emergency reserve, transforming it into a major dip-buying entity during a period of market stress.
Binance has framed this move as a long-term conviction in Bitcoin, describing it as "the foundational asset of the crypto ecosystem." The exchange committed to maintaining the fund's value at $1 billion, pledging to top it up if market volatility drives its value below $800 million. The SAFU fund is earmarked to protect users in extreme scenarios such as hacks or platform failures.
The accumulation comes amidst a broader market downturn. At the time of the purchase, Bitcoin was trading near $66,600, down roughly 5% over 24 hours, with technical indicators like the Relative Strength Index (RSI) dipping into deeply oversold territory. Other major assets like Ethereum (ETH) and Solana (SOL) also saw significant declines of around 7% and 10%, respectively.
Market commentators have interpreted Binance's actions as both a defensive reinforcement of its balance sheet and an opportunistic accumulation during a price dip. The series of purchases has brought SAFU's recent Bitcoin buying close to $430 million in just days, signaling a substantial and rapid deployment of capital into the primary cryptocurrency.
