On February 12, 2026, East Eight Time, the Binance SAFU Fund completed its plan to convert approximately 1 billion US dollars of security reserves from previously anchored assets to Bitcoin, with the latest holdings at approximately 15,000 BTC, estimated to be worth about 1.005 billion US dollars at current prices. Amid a price correction for Bitcoin and cautious market sentiment, SAFU continued to increase its holdings against the trend, and the concentrated buying action is seen as a proactive bet by leading exchanges on the long-term value of BTC, amplifying the impact of this capital on market structure and sentiment.
Three Concentrated Purchases Amplify the BTC Security Pool
● Clear execution rhythm in batches: According to the conversion plan announced on January 30, SAFU completed large purchases in three batches on February 6, February 9, and February 12, forming relatively concentrated buying time windows. This rhythm compresses the execution period, avoiding the uncertainty brought by a prolonged unresolved plan while retaining a degree of dispersion, allowing room for slight adjustments in trading strategy.
● Gradually increasing scale per transaction: Among the three purchases, 3,600 BTC were bought on February 6, 4,225 BTC on February 9, and the latest purchase on February 12 was 4,545 BTC. In terms of quantity, the last two transactions clearly increased the scale, pushing the holdings step by step toward the target range, showing that during the price correction, the fund did not shrink its execution plan but chose to accelerate the configuration completion.
● Completion of approximately 15,000 BTC build-up: After this round of conversion, the SAFU Fund holds approximately 15,000 BTC, valued at about 1.005 billion US dollars according to the brief. This scale aligns closely with the previously set goal of a 1 billion US dollar safety pool, indicating that the underlying assets of the safety fund have substantially migrated from the original anchored assets to a reserve structure dominated by Bitcoin, providing a new asset basis for subsequent risk event response plans.
Implications of Increasing Bitcoin Holdings While Positioned at the Correction Window
● Counter-trend execution highlights long-term betting: This round of conversion was completed during a period of price correction and increased volatility for Bitcoin, with SAFU not waiting for the price to stabilize or sentiment to recover, but continuing to push forward with the established purchase plan. This behavior of increasing holdings against the trend during a downturn is logically closer to long-term asset allocation rather than short-term trading, conveying a high certainty expectation for BTC's medium to long-term performance.
● Strategic adjustment of reserve asset structure: Switching the safety fund from the original anchored assets to BTC is not only a change in asset type but also strengthens the positioning of Bitcoin as a security reserve asset at the exchange level. For leading platforms, binding the user protection pool closely to Bitcoin's price equates to embedding strategic trust and reliance on BTC within the systemic security design.
● Dual effects on short-term volatility: Counter-trend accumulation at execution helps absorb some selling pressure during the correction period, reducing the impact of short-term selling on the market. However, in the subsequent market evolution, if Bitcoin continues to fluctuate sharply, this highly concentrated holding will also amplify paper volatility, creating a magnifying effect on market sentiment, making investors more sensitive to changes in unrealized gains and losses.
Operation and Margin Supplement Mechanism of the 1 Billion US Dollar Safety Cushion
● Target scale locked at 1 billion US dollars: According to the brief information, the operational logic of the SAFU Fund is to stabilize the target scale of the safety pool at approximately 1 billion US dollars to serve as a user protection buffer during extreme risk events. This scale aligns closely with its current holdings of 15,000 BTC, valued at approximately 1.005 billion US dollars, laying the benchmark for subsequent mechanized operations.
● Supplement triggered if it falls below 800 million: Binance previously promised that when the market value of BTC held by SAFU falls below 800 million US dollars, additional assets will be injected to restore the total scale to 1 billion US dollars. This means that under a significant drawdown scenario, the safety fund will passively release new incremental funds into the BTC market, forming a dual bottom support for price and pool size.
● Semi-passive long-term buy threshold: By automatically triggering margin supplementation through market value thresholds, SAFU has constructed a semi-passive long-term buying model of “the lower the price, the more it supplements.” When Bitcoin experiences significant drawdowns, shrinking the safety pool to below thresholds, incremental funds will enter according to the rules, allowing this “safety cushion” to roll continuously through economic cycles, similar to institutionalized dollar-cost averaging and rebalancing functionalities.
Impact of Exchange Reserve Migration on Market Sentiment
● Spillover effects of reserve asset signals: Mainstream media widely interprets this conversion as a vote of confidence from leading exchanges in Bitcoin as a reserve asset. When the safety fund shifts from anchored assets to BTC, the market easily sees it as a strong signal that the platform is betting on Bitcoin’s long-term viability with systemic funds, thus creating a demonstration effect for other institutions.
● Amplified narrative of “institutions buying the dip”: The action of concentrating on purchasing 15,000 BTC has amplified the market narrative of “institutions buying the dip,” reinforcing the confidence basis for medium to long-term bullish sentiment. For some investors, this type of buying is seen as a form of “invisible bottom support” below prices, providing some psychological support during panic.
● Discussion on de-dollarization and reducing reliance on anchored assets: The SAFU's holding of coins has sparked discussions about the industry’s reduction of reliance on anchored assets. As more platforms shift their reserves to BTC rather than a single anchored asset, the market will reevaluate the optimal solution for the reserve structure of exchanges from the perspectives of risk diversification, regulatory uncertainty, and asset sovereignty.
Examining This Large Order from a Liquidity and Risk Perspective
● Batch buying to reduce impact and control slippage: SAFU chose to complete the cumulative purchase of 15,000 BTC in three batches on February 6, 9, and 12, rather than dumping it all at once into the spot market, which helps lower instantaneous impact costs and slippage. The batch execution provides the trading team flexibility to adjust orders and transaction methods in different liquidity environments, reducing disturbance to the order book at a single point in time.
● Tension of the safety cushion under high volatility assets: Highly allocating emergency safety funds to a high-volatility asset like Bitcoin inevitably increases the amplitude of paper profits and losses. The nominal size of the safety pool will fluctuate significantly with the market, and during extreme downward cycles, the risk of temporary shrinkage will also be amplified, which poses higher requirements for platform risk control and capital management, necessitating a new balance between asset safety and asset flexibility.
● Structural enhancement of liquidity and depth: From a full market perspective, leading institutions' long-term holdings under the name of the safety fund and continued purchases of BTC under specific conditions provide a stable large demand for the spot market. The existence of such long-term buying helps to elevate the overall liquidity and depth of Bitcoin in the medium to long term, making it easier for large orders to be absorbed by the market in the future.
Next Observation Focus After the 1 Billion US Dollar Purchase
In the short term, the market will focus on observing whether Binance will execute its promise of “supplementing to 1 billion US dollars when it falls below 800 million US dollars” during the subsequent correction, thereby forming a phased, regularized implicit buying support. In the medium term, whether other exchanges and institutions will follow suit in gradually migrating safety or risk reserves from anchored assets to BTC is a key signal for judging whether the trend of “Bitcoin reserve backing” can expand. In the longer cycle, whether this safety fund model can be sustained depends on whether the Bitcoin price cycle and regulatory environments worldwide permit platforms to long-term bear the responsibility of user protection on high-volatility assets, which will determine whether this 1 billion US dollar purchase is merely a structural adjustment or a starting point for a paradigm shift in the industry.
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