Binance’s SAFU wallet has bought another 3,600 BTC, worth about $233 million at current prices. According to on-chain data tracked by Arkham, the address now holds a total of 6,230 BTC, with an estimated market value of roughly $403 million.
Reserve conversion from stablecoins into Bitcoin is still underway
The purchase follows Binance’s announcement on January 30 that it would gradually convert a $1 billion stablecoin reserve into Bitcoin. The exchange said the process was expected to be completed within 30 days. Binance also stated that if price swings pushed the fund’s value below $800 million during the transition, it would add more Bitcoin to restore the reserve to the $1 billion level.
The latest on-chain movement shows that the shift in allocation is continuing. This is not just a stated treasury plan. It is now visible in the SAFU wallet’s repeated spot purchases.
SAFU remains a user protection fund for extreme scenarios
SAFU was designed as Binance’s protection fund for users, intended to cover extreme risk events such as hacks and panic-driven withdrawal pressure. Moving part of its reserves from stablecoins back into Bitcoin points to a change in asset mix while keeping that protective role in place.
The source article linked the purchase to a sharp drop in Bitcoin’s price and raised the question of whether Binance was trying to support the market. What Binance has publicly confirmed, though, is narrower: the reserve conversion plan, the conditions for replenishing holdings, and the on-chain record of the latest buy.