Binance has officially purchased its first 1,315 Bitcoin, worth approximately $101 million, as part of a strategic plan to convert its Secure Asset Fund for Users (SAFU) entirely into the leading cryptocurrency.
This move to shift the remaining $900 million of the fund from stablecoins to Bitcoin indicates a growing belief that BTC is the ultimate reserve asset, even superior to the US dollar-pegged tokens that previously anchored the fund.
Binance bets the house on Bitcoin
Binance’s decision to convert its SAFU fund is a landmark moment for crypto adoption. The fund, established in 2018 to protect users in extreme incidents, was previously held largely in USDC to ensure liquidity and stability.
However, the exchange has now decided that Bitcoin is a better long-term backstop. The initial purchase of 1,315 BTC at an average price of $77,409.89 is just the beginning. Binance expects to shift the remaining capital within the next 27 days.
This transition from stablecoins to Bitcoin indicates that the industry is moving away from reliance on traditional banking rails and toward self-sovereign assets.
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