Luna Foundation Guard (LFG) Adds 37,863 Bitcoin (BTC) to its Reserves

Luna Foundation Guard Offers $1.5B For Stablecoin Peg Following Deviance
  • LFG currently possesses almost $3.5 billion worth of BTC.
  • Luna Foundation Guard aims to gather up to $10 billion in Bitcoin.

Luna Foundation Guard (LFG), a Terra Luna-affiliated Singapore-based Non-profit organization, has collected an additional $1.5 billion to add to its already sizable Bitcoin (BTC) reserve.

Using the funds raised, LFG was able to buy 37,863 BTC. Part of the purchase was done from cryptocurrency venture capital company Three Arrows Capital and also over-the-counter swaps with broker Genesis Trading. According to the company’s statement, after a $1 billion UST swap and $500 million BTC acquisition from Three Arrows Capital, the transaction was completed on Thursday.

Amass Bitcoin Fortune

According to CNBC, LFG currently possesses almost $3.5 billion worth of BTC, making it one of the world’s top 10 BTC holders. In addition, Luna Foundation Guard aims to gather up to $10 billion in Bitcoin to support algorithmic stablecoin U.S. Terra, also known as UST, has gone closer with acquiring the newest tranche of Bitcoin. Last month, LFG bought $139 million worth of Bitcoin, only two months after the corporation started accumulating significant amounts of the digital currency.

Founder and CEO of Terraform Labs, Do Kwon, has declared that his ambition is to amass a bitcoin fortune comparable to Satoshi Nakamoto, the eponymous inventor of the digital currency. With a market value of over $18.6 billion, UST is the most popular algorithmic stablecoin. Only Tether (USDT) and USD Coin (USDC) have a larger market value and supply in circulation.

In addition to Luna Foundation Guard, several other high-profile Bitcoin acquisitions are available. For example, MicroStrategy, a publicly listed business intelligence firm, continues to stack sats regardless of the price of Bitcoin. After adding 4,197 BTC in April, the corporation now has 129,218 BTC reserves.

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