Binance added $300 million worth of bitcoin to its Secure Asset Fund for Users (SAFU) on Monday, continuing its plan to convert the protection fund into BTC during a broader market pullback.
SAFU conversion adds 4,225 BTC
Blockchain data cited by Arkham shows Binance purchased 4,225 BTC, lifting the SAFU wallet’s bitcoin holdings to more than $720 million at current prices.
Binance said in an X post it is “aiming to complete conversion of the fund within 30 days” of its original announcement.
$1B target and rebalance threshold
Binance first announced the shift on Jan. 30, saying it would move $1 billion of its user protection fund into bitcoin.
The exchange said it would rebalance the fund back up to $1 billion if volatility pushed its value below $800 million.
Bitcoin slides as sentiment stays “fragile”
The purchase came as bitcoin fell to $59,930 on Friday, a level last seen in October 2024, according to TradingView.
TP ICAP digital assets director Hina Sattar Joshi told Cointelegraph that investor positioning remains constrained by cycle expectations.
Joshi said:
“Sentiment is currently very fragile, with investors anchoring themselves to the traditional four-year Bitcoin cycle, in which Bitcoin’s price historically follows a recurring pattern of ‘boom and bust.’”
