Crypto exchange Binance shared on social media platform X on Feb. 2 that it has completed the first stage of its Secure Asset Fund for Users (SAFU) conversion. The update confirmed that a portion of SAFU reserves has been converted from stablecoins into bitcoin.

The company stated:

“Binance has completed the first batch of bitcoin conversion for the SAFU Fund, amounting to 100M USD stablecoins.”

Binance also shared a confirmed on-chain transaction with the update, indicating that roughly 1,350 BTC has already been converted as part of the SAFU process. The transfer was valued at about $107 million at the time.

Read more: Binance Doubles Down on Bitcoin: Buying $1B BTC Within 30 Days

This transaction update builds on an open letter Binance released on Jan. 29 outlining measures to reinforce user protection, compliance cooperation, transparency, and long-term industry development. In that letter, the exchange detailed its decision to convert the SAFU fund’s $1 billion USDC balance into bitcoin within 30 days, framing the move as a structural allocation choice anchored in asset durability. The letter explains:

“Guided by our belief that BTC serves as the core asset in the crypto ecosystem and represents long-term value, Binance will continue to stand alongside our industry through market cycles and uncertainty, continuously investing resources into the crypto ecosystem.”

The crypto firm also clarified that after conversion it will monitor the fund’s market value and rebalance if it falls below $800 million, restoring it to $1 billion as needed.

• What did Binance convert in the SAFU fund?
  Binance converted $100 million in stablecoins from the SAFU fund into bitcoin as the first batch of a larger plan.
• How much bitcoin was moved in the SAFU transaction?
  The on-chain transaction transferred about 1,350 bitcoin valued near $107 million at the time.
• Why is Binance converting SAFU funds into bitcoin?
  Binance said the move reflects its view of bitcoin as the core long-term asset in the crypto ecosystem.
• How will Binance manage SAFU after the conversion?
  Binance plans to monitor the fund’s value and rebalance it back to $1 billion if it drops below $800 million.

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