Binance completes the transformation of its $1 billion SAFU fund, with 15,000 Bitcoins firmly in reserve

Binance, the cryptocurrency exchange, announced that it has officially completed a major transformation of its SAFU Fund. The original 1 billion US dollar stablecoins within the fund have now been fully converted into Bitcoin reserves.

Binance stated that it completed the final purchase of 4,545 Bitcoins on Thursday, bringing the total Bitcoin holdings of the SAFU Fund to 115,000 coins. Based on the Bitcoin price of approximately $67,000 at the time of conversion, the total market value of the SAFU Fund reached $1.005 billion.

To demonstrate its commitment to transparency, Binance also publicly disclosed the Bitcoin wallet address dedicated to the SAFU Fund, allowing users worldwide to verify at any time.

SAFU stands for "Secure Asset Fund for Users," a contingency reserve fund established by Binance in 2018. Its purpose is to ensure that users can still receive compensation in the event of platform hacks, system risks, or other unforeseen incidents causing losses.

Binance stated on its social platform X, "With the entire SAFU Fund assets now converted to Bitcoin, we are even more confident that Bitcoin is the preferred long-term reserve asset."