Binance has begun shifting the asset mix of its Secure Asset Fund for Users, or SAFU, saying it will convert about $1 billion of stablecoins into Bitcoin over 30 days. The first leg has already been executed. According to Binance disclosures and on-chain tracking, the exchange used about $100 million in stablecoins on February 2, 2026 to buy roughly 1,315 BTC at an average price range of $76,800 to $77,873.
SAFU moves away from its original stablecoin structure
The change marks the biggest adjustment to SAFU since the fund was created in 2018. In a public letter released on January 30, 2026, Binance said the fund, previously held mainly in USDC and valued at around $1 billion, would be converted in stages until it becomes 100% allocated to Bitcoin.
Binance described Bitcoin as “the most durable asset in crypto” and said the move is intended to improve the fund’s ability to protect assets across longer market cycles. The company also said it would add more Bitcoin if market swings push the value of SAFU below $800 million, keeping the fund at that level.
First purchase has been completed and moved on-chain
The initial conversion was carried out near a nine-month low zone for Bitcoin. After the purchase, the BTC was transferred from a Binance hot wallet to a dedicated SAFU address, making the move visible through on-chain data. Binance later confirmed on X that the first round had been completed.
For the remaining roughly $900 million, Binance said purchases would be spread out over about 27 days rather than executed in one large order. That approach reduces the immediate market impact of a single trade and leaves the rest of the buying program open to on-chain monitoring.
Public criticism from Jack Yi became part of the backdrop
Part of the market discussion around the decision has focused on comments made by Liquid Capital founder Jack Yi at the end of January. In a post on X, he criticized Binance and Tether, saying major industry firms had made substantial profits from crypto over the years without putting real capital behind the Bitcoin or Ethereum ecosystems, and questioned whether they were matching words with action.
He also said that if Changpeng Zhao truly believed in a “super bull cycle” and a “Bitcoin era,” actual capital should be deployed into BTC or ETH. Binance announced the SAFU conversion plan shortly after that post. The source material places those comments alongside recent Bitcoin weakness as key elements in the background to the move.
Steady buying adds demand, but volatility comes with the shift
From a market perspective, a $1 billion Bitcoin purchase program from the largest crypto exchange is a direct demand signal. The first $100 million has already entered the market. If the remaining $900 million is deployed as scheduled, the buying will continue in stages.
The trade-off is clear. SAFU will no longer hold low-volatility stablecoins as its core reserve, and the fund will instead be exposed to Bitcoin price swings. If BTC declines again, Binance may face a higher need to add to the reserve under its own commitment. What is already confirmed is the execution of the first purchase and the pledge to replenish the fund if its value falls below $800 million.