NEW YORK, Feb 7, 2026, 04:12 EST
Binance has wrapped up a 3,600-bitcoin buy for its Secure Asset Fund for Users (SAFU), spending around $250 million in stablecoins to do it. The fund’s bitcoin address sits at 6,230 BTC now. 1
After a volatile stretch, bitcoin clawed its way back above $70,000 on Friday, having tumbled as low as $60,017.60 earlier in the week. Traders piled into options, snapping up contracts to guard against steeper declines. “Demand for downside protection is extreme,” said Sean Dawson, head of research at Derive.xyz. 2
That wariness has been growing for days. Bitcoin tumbled Thursday, wiping out a chunk of the broader crypto market — nearly $2 trillion lost since the early-October top, per CoinGecko numbers reported by Reuters. In just 24 hours, about $1 billion in leveraged bitcoin trades got liquidated as traders hit their margin limits. “The market fears a hawk with him,” said Manuel Villegas Franceschi at Julius Baer, pointing to expectations for tighter policy after President Donald Trump tapped Kevin Warsh to head the Federal Reserve. 3
In an open letter dated Jan. 30, Binance detailed plans to move its SAFU reserves—currently $1 billion in stablecoins—into bitcoin over the next 30 days. The company described stablecoins as crypto tokens pegged to assets like the U.S. dollar. If bitcoin volatility drags the fund’s value below $800 million, Binance said it would top it back up to $1 billion. 4
Listed “digital asset treasury” players that loaded up on tokens expecting endless gains are now feeling the pain from crypto’s latest tumble. Strategy, probably the most prominent corporate bitcoin holder, saw its shares take a hit this week. Analysts caution: if this pressure sticks around, raising fresh capital could become a tougher ask for these companies — and that’s central to how the model works. 5
The downside risk hasn’t gone anywhere. Strategy posted a larger fourth-quarter loss—fair-value accounting did them no favors as bitcoin dropped, pushing losses wider. On Feb. 1, the firm was holding 713,502 bitcoins, bought at a total cost of $54.26 billion, which works out to $76,052 per coin. “The actions by big finance, the actions by the big banks and the actions by the financial regulators are the fundamentals,” executive chairman Michael Saylor told analysts after earnings. 6
Crypto exchanges are making moves beyond the U.S. too. Gemini—set up by Cameron and Tyler Winklevoss—announced plans to lay off as many as 200 employees worldwide and will be pulling back from the UK, the European Union, and Australia. Efforts now center on the U.S. and Singapore. The Winklevoss brothers said these steps would “meaningfully accelerate our path to profitability” even with current market conditions. 7
Off major platforms, the downturn is prompting some crypto figures to call bitcoin a buy on dips once more. Tron founder Justin Sun told CoinDesk he is considering picking up as much as $100 million in bitcoin for Tron’s treasury, according to 9 .
After the January 29 drop, the idea of tapping SAFU as a permanent buyer picked up steam, with headlines framing Binance’s approach as a “bitcoin floor plan”—the gist: if the fund falls below $800 million, Binance steps in to replenish. 8
