TL;DR (70 words total)
Binance says it has finished converting $1 billion of SAFU reserves into Bitcoin, marking the end of a planned transition away from stablecoin holdings. With the final purchase, SAFU is now fully denominated in BTC and sized around the $1 billion mark. The company’s latest update described a last tranche of 4,545 BTC, worth about $305 million, taking the fund’s total to roughly 15,000 BTC in aggregate. Binance confirmed completion in a public update this week.
The mechanics were deliberately operational rather than theatrical. The reserve shift was executed in tranches, with on-chain flows acting as the real-time audit layer. Market trackers pointed to Arkham data to reconcile purchases and transfers as the SAFU wallet expanded. Binance had initially framed the move as a 30-day conversion starting around January 30, but the final tranche indicates the switch was completed in under 13 days, compressing execution into a tighter window than first signaled.
Completing the rotation does not eliminate risk, it reallocates it. A BTC-only reserve means the buffer’s dollar value can swing quickly with the tape. Binance’s purchase landed as Bitcoin hovered near $67,000, down roughly 5% over seven days in the same reporting window. If BTC slides, the reserve’s headline size can compress; if BTC rallies, the fund inflates on paper, changing how stakeholders interpret coverage ratios and readiness without any operational action inside the SAFU wallets.
Binance has also signaled that the end state comes with guardrails. The exchange says it will rebalance the reserve if its market value falls below $800 million. That framing turns SAFU into a rules-based program: reserves are held in BTC, but the dollar target remains near $1 billion. In a drawdown, the policy implies potential incremental buying to restore the buffer, rather than waiting for periodic treasury reviews, and keeping the narrative aligned with that benchmark.
For traders and compliance teams, the immediate KPI is disclosure cadence. If wallet visibility and policy communication stay tight, a BTC-denominated SAFU can reduce uncertainty during stress. Market participants will track whether public updates continue to match on-chain balances, and whether any top-ups appear quickly after sharp dips. The broader takeaway is competitive: moving a flagship reserve fully into BTC sets a precedent other venues may be asked to benchmark against as reserve composition debate heats.
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