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BTC From stablecoins to Bitcoin: Binance SAFU Fund makes strategic transformation
Binance's User Security Asset Fund (SAFU) currently holds approximately US$280 million in unrealized gains after completing the conversion of US$1 billion in stablecoin positions into Bitcoin (BTC) earlier this year. The fund now holds 15,000 bitcoins, worth more than $1.28 billion at current prices.
Binance completed the full conversion of SAFU reserves from stablecoins to Bitcoin by purchasing the last batch of 4,545 BTC, bringing the total position to 15,000 BTC. This rebalancing operation was carried out multiple times, ranging from February 2 to February 12. Among them, the last transaction involved 4,545 BTC. At that time, the Bitcoin transaction price was close to US$67,000, and the transaction was valued at approximately US$304.5 million.
The User Security Asset Fund (SAFU) was established in 2018 to serve as an insurance pool to deal with user losses caused by extreme events such as hacking of exchanges. In April 2024, Binance converted all of the fund into USDC stablecoins, saying the move was aimed at enhancing stability. The move to Bitcoin now marks a complete reversal of this strategy. Binance described the decision as selecting a "primary long-term reserve asset."
Transparency and built-in safeguards
Binance has disclosed the fund's wallet address for online verification by the public. The address is: 1BAuq7Vho2CEkVkUxbfU26LhwQjbCmWQkD, and anyone can check its balance on the chain. In addition, Binance has established safeguards to protect the value of the fund over time. Binance said it would conduct regular audits of the fund and promised to implement "supplementary rules": If the market value of the fund falls below US$800 million, Binance will restore it to US$1 billion.
Given that the Bitcoin price is already well above the average bid price of approximately US$66,700, the SAFU Fund's profit of US$280 million on its books highlights the significant impact of this strategic adjustment. The value of the fund will now fluctuate directly with the Bitcoin price, in sharp contrast to the previous stablecoin model, which focused on stability.
