**Binance** has completed a $1 billion Bitcoin (BTC) purchase plan for the Secure Asset Fund for Users (SAFU). By purchasing an additional 4,545 BTC worth $340,580,000, the total holdings in the reserve wallet have been increased to 15,000 BTC, which is approximately $1,005,000,000.
What happened: SAFU fund achieves $1 billion target
This purchase was tracked through Arkham monitoring data, which shows that the SAFU wallet has consistently accumulated Bitcoin during a prolonged market downturn. Rather than waiting for favorable market conditions, the exchange converted about $1 billion worth of stablecoins into BTC for the fund.
SAFU was created as a preparation mechanism to protect users in the event of security breaches or unexpected losses.
Binance has stated that if the fund value falls below $800 million due to market downturns or legal costs, it will replenish it back to the $1 billion level through an automatic upward mechanism.
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Why It Matters: A Signal of Intent to Protect Users
The accumulation of Bitcoin during a downturn, rather than an uptrend, has elicited mixed reactions among market participants. Some interpret the conversion of stablecoins to BTC as a sign of confidence in Bitcoin's long-term value, while critical perspectives suggest that reducing the proportion of stablecoins could introduce additional price volatility to the reserves.
On-chain observers say that if funds continue to flow into a single reserve wallet of this scale, it may be perceived as reduced selling pressure from the exchange.
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