Luna Foundation Now Holds More Bitcoin Than Tesla, Becomes The Second Biggest BTC Holder Firm!
Luna Foundation Now Holds More Bitcoin Than Tesla
According to a press release, Luna Foundation Guard has completed a $1.5 billion over-the-counter (OTC) purchase of 37,863 bitcoin, overtaking Tesla as the second biggest corporate holder of BTC.
Prior to this acquisition, Luna Foundation Guard possessed 42,530 BTC in this wallet, which is now worth more than $1.6 billion. Tesla presently owns 43,200 BTC, which is worth around $1.7 billion. LFG is over one-third of the way through its first intention to acquire $10 billion in bitcoin to boost the UST Forex Reserve backing the Terra ecosystem stablecoin.
“The LFG’s mission to support the stability and adoption of the UST stablecoin continues with the latest deal acquiring BTC from Genesis for the UST Forex Reserve,” said Do Kwon, LFG Governing Council member and Co-Founder and CEO of Terraform Labs.
LFG was able to acquire 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.
“Terra’s remarkable growth has continuously reshaped crypto markets over the last two years,” said Joshua Lim, head of derivatives at Genesis. “Genesis is excited to be a liquidity partner to the Terra ecosystem, connecting it to a broader audience of institutional market participants.”
This acquisition placed the foundation among the top ten bitcoin holders in the world, with Luna Foundation Guard’s bitcoin reserves at 80,394 BTC worth at more than $3.1 billion.
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