Cryptocurrency exchange Binance has surpassed the $1 billion mark in its Secure Asset Fund for Users (SAFU), created to protect user assets. With its latest purchase of 4,545 BTC, the exchange has increased its total Bitcoin holdings to 15,000 BTC. This places Binance in the top 10 among institutional Bitcoin holders, surpassing Coinbase, which holds 14,548 BTC. According to Arkham data, the latest SAFU purchase was worth approximately $304 million. With this move, Binance completed its previously announced plan to convert its $1 billion stablecoin reserve to Bitcoin in less than two weeks. The average cost per coin was approximately $67,000.
Rapid Transition from Stablecoin to Bitcoin
The exchange announced on January 30, 2026, that it would convert its $1 billion stablecoin reserve in the user protection fund to Bitcoin within a 30-day timeframe. However, Binance, acting much faster than planned, completed the purchases in less than two weeks. In a statement, the company emphasized that with the complete conversion of the SAFU fund to Bitcoin, BTC is now seen as a long-term reserve asset. It was also stated that if the fund's value falls below $800 million in case of high volatility, a rebalancing operation will be carried out.
The phased purchase strategy attracted attention
Binance's purchase process was not carried out all at once, but in different tranches. In the first stage, approximately $100 million was spent on 1,315 BTC; this was followed by a second purchase of similar size. During the process, transactions of $250 million for 3,600 BTC, $300 million for 4,225 BTC, and finally approximately $300 million for 4,545 BTC were made.
The final purchase, at $66,006, was recorded as the lowest price among the transactions. This shows that the exchange is taking advantage of market pullbacks. Indeed, when the plan was announced, Bitcoin was trading around $77,000; despite the decline in the following weeks, Binance continued its purchases.
The move came amidst market fear
Bitcoin's brief drop below $60,000 severely impacted investor sentiment. According to market data, the fear and greed index hit historical lows. It was reported that large investors, described as "smart money," also took net short positions in futures, exhibiting a cautious outlook, particularly on the Bitcoin side.
In contrast, Binance's conversion of its SAFU fund entirely into Bitcoin is interpreted as a long-term message of confidence. The on-chain analytics platform Glassnode stated that approximately 16% of the supply, equivalent to the market capitalization, was at a loss during the recent correction, the highest "pain threshold" seen since the Terra crash in 2022. However, some analysts argue that the neutral or slightly negative trajectory of funding rates in derivative markets indicates a search for equilibrium rather than excessively leveraged expansion. With 15,000 BTC in assets, Binance has climbed to the top ranks in the institutional Bitcoin treasury league, surpassing not only Coinbase but also industry players like Hut 8 and CleanSpark.
