Luna Foundation Guard (LFG), a Singapore-based non-profit organization linked to the Terra Luna ecosystem, has raised another $1.5 billion to expand its already ample Bitcoin (BTC) reserves.
The proceeds allowed LFG to acquire 37,863 BTC through OTC transactions with broker Genesis Trading and an additional purchase from Three Arrows Capital, a leading cryptocurrency venture capital firm. The specific breakdown of the deal included a $1 billion over-the-counter trade with Genesis for $1 billion in UST and a purchase of 500 million BTC from Three Arrows Capital, the firm revealed Thursday.
LFG now holds some $3.5 billion in BTC, putting it among the top 10 largest holders in the world, according to CNBC.
1/ The LFG has acquired an additional 37,863 Bitcoins totaling ~$1.5 billion in OTC swaps with @GenesisTrading and 3AC. https://t.co/Ezzfwl7VFn
— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022
With the last purchase, Luna Foundation Guard is inching closer to its goal of amassing up to $10 billion worth of Bitcoin to back the algorithmic stablecoin US Terra, also known as UST. As Cointelegraph reported, LFG purchased $139 million worth of BTC in late March, roughly two months after the company began amassing large amounts of the digital asset.
Do Kwon, the CEO of Terraform Labs, has stated that his goal is to build a Bitcoin reserve that rivals that of Satoshi Nakamoto, the pseudonymous creator of the digital asset.
just getting started pic.twitter.com/dJrkf6YfrR
– TerraLunaaaa (@TerraLunaaaa) March 30, 2022
UST has become the most popular algorithmic stablecoin with a market cap of over $18.6 billion, according to CoinMarketCap. Only Tether (USDT) and USD Coin (USDC) have a higher market value and circulating supply.
Luna Foundation Guard is not the only company making high-profile Bitcoin purchases. The business intelligence firm MicroStrategy, which is a publicly traded company, continues to accumulate sats regardless of the price of Bitcoin. In April, the company added 4,197 BTC to its reserves, bringing its total holding to 129,218 BTC.
On the subject of price, Bitcoin briefly dipped below $37,000 on Thursday as risk markets pulled back following a brief post-FOMC pump the day before. BTC was last down 5.3% at $37,126, according to data from Cointelegraph Markets Pro and TradingView.
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