Binance Executes First $100M Bitcoin Treasury Swap; $900M to Follow

Binance has executed the first tranche of its strategic treasury rotation, swapping $100.7 million in stablecoins for 1,315 Bitcoin on Monday. The transaction initiates a 30-day program to convert the exchange’s entire $1 billion Secure Asset Fund for Users (SAFU) into Bitcoin, effectively creating a programmatic buy wall as the asset struggles to reclaim $80,000.

The Treasury Pivot

On-chain data confirms the exchange purchased the batch at an average execution price of approximately $77,409. This leaves roughly $900 million in dry powder, implying a daily buying pace of ~$30 million if the exchange adheres to its stated monthly timeline. The aggressive rotation marks a reversal from 2024, when Binance converted SAFU holdings into USDC to stabilize the fund’s dollar value.

The decision introduces a predictable, non-price-sensitive bid into a market currently suffering from spot ETF outflows and thinning liquidity.

Binance has implemented a volatility floor to mitigate risk: if Bitcoin’s price collapse reduces the fund’s value below $800 million, the exchange is contractually obligated to replenish the difference from corporate revenues. This structure effectively treats the $1 billion mark as a hard liability, forcing the exchange to increase its BTC exposure if prices fall further.

Market Context

The timing aligns with a broader capitulation in spot markets. With Bitcoin trading near $79,000 (-2% 24h), the SAFU conversion acts as a soft backstop. Unlike discretionary hedge fund buying, this flow is structural. Binance must convert the remaining $900 million regardless of short-term price action, potentially absorbing sell pressure from underwater ETF investors who entered near the $84,000 cycle highs.