Luna Foundation Guard Added Another $100M Bitcoin to UST Reserve

Luna Foundation Guard Added $100M Bitcoin to UST Reserve

Luna Foundation Guard (LFG) has added another $100 million in bitcoin to its wallet, according to Terra CEO Do Kwon.

According to the running dashboard, LFG’s wallet presently includes roughly $1.7 billion in BTC, $549.82 million in other USD-denominated stablecoins, and $4,22 million in LUNA. The wallet has a total of 42,410 bitcoins.

In terms of total holdings, the LFG wallet is the 19th largest. Luna will also have the second-largest bitcoin wallet after Binance’s cold wallet if it achieves its objective of acquiring $10 billion in bitcoin.

Luna Foundation Guard purchased 4,130 bitcoin valued at $176.1 million on Sunday, April 10, 2022. On March, Luna Foundation has added 2,943 BTC to its UST reserve, valued at almost $139 million. The purchase is shown on the Luna Foundation Guard’s bitcoin address.

Do Kwon claimed that Terra will come the world’s largest Bitcoin holder in the future. Do Kwon wants to become the largest Bitcoin holder after Satoshi Nakamoto by continuously purchasing Bitcoin for building reserves for the UST stablecoin.

Terra announced that it had added to its reserves by purchasing Avalanche (AVAX) tokens worth $100 million in a ‘treasury Swap’ between LUNA and AVAX. AVAX is the first significant cryptocurrency other than bitcoin to find its way into the stablecoin’s reserve as a result of this OTC deal to add the stated AVAX tokens to UST reserves.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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