Luna Foundation Guard Adds Nearly $230M of Bitcoin to Stack

The foundation now has bigger exposure to bitcoin than the U.S. electric-car maker Tesla.Read MoreFeedzy

Luna Foundation Guard (LFG), a non-profit organization mandated to build reserves supporting smart contract blockchain Terra’s dollar-pegged stablecoin UST, returned to the crypto market on Wednesday, snapping up bitcoin worth $227 million.

LFG purchased 5,040 BTC, boosting its stash to 35,768 BTC valued at $1.6 billion at the current market price of $45,100, the foundation’s confirmed bitcoin address shows.

That’s the first significant purchase since March 30. The foundation acquired about $125 million worth of bitcoin each day, starting from March 22 to March 25 and allocated $160 million on March 26.

LFG announced in February that it had raised $1 billion through an over-the-counter sale to build a bitcoin reserve as an additional layer of security for UST.

The reserve size was increased to $3 billion last month, with Terraform Labs founder and CEO Do Kwon tweeting plans to eventually build a $10 billion bitcoin stash.

The foundation’s buying spree has put it ahead of the U.S. electric car maker Tesla, which holds $1.26 billion worth of BTC on its balance sheet.

The latest purchase comes as macro jitters weigh over bitcoin, offering the foundation an opportunity to load up at cheap prices.

UPDATE (April 6, 11:31 UTC): Adds “nearly” in the headline.


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