Luna Foundation Guard Has Acquired An Additional 37,863 Bitcoins Worth $1,5 Billion
Luna Foundation Guard Has Acquired 37,863 Bitcoins
The Luna Foundation Guard (LFG) has purchased 37,863 bitcoins worth $1,5 billion, bringing it closer to its goal of owning $10 billion in stablecoin reserves.
LFG was able to buy 37,863 BTC through over-the-counter swaps with broker Genesis Trading and an additional acquisition from Three Arrows Capital, a major crypto venture capital firm, thanks to the funding. According to the firm, the deal involved a $1 billion over-the-counter swap with Genesis for $1 billion in UST and a $500 million BTC buy from Three Arrows Capital.
According to CNBC, LFG is now holdings 80,394 Bitcoins, placing it among the top 10 holders in the world.
“For the first time, you’re starting to see a pegged currency that is attempting to observe the Bitcoin standard,” said Do Kwon, co-founder and CEO of Terraform Labs, which is the development team behind the terra token. “It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe.”
The Luna Foundation Guard is not the only firm that has made large Bitcoin acquisitions. Regardless of Bitcoin’s price, MicroStrategy continues to acquire it. The firm increased its reserves by 4,197 BTC in April, bringing its total holdings to 129,218 BTC.
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