The Luna Foundation Guard announces the purchase of additional 37,863 Bitcoins worth $1.5B bringing their total Bitcoin stash from 42,530.82 BTC to 80,394 BTC.
Luna Foundation completed an OTC swap of $1B in UST for $1B worth bitcoin with prime crypto broker Genesis. It also purchased $500M in bitcoin from Three Arrows Capital, a crypto hedge firm.
The company now holds $3.5 billion in bitcoin, making it one of the top ten bitcoin holders in the world. It also has smaller amounts of LUNA, AVAX, and the stablecoins USDT and USDC in reserve.
LFG is dedicated to guiding the growth of the Terra network and its ecosystem. TerraUSD (UST), Terra’s own stablecoin, is now the third most valued stablecoin on the market, behind only USDT and USDC.
Do Kwon, cofounder and CEO of Terraform Labs, the company behind Terra blockchain, expects that the company will stash $10 billion in bitcoin by the end of the third quarter.
Do Kwon added, “For the first time, you’re starting to see a pegged currency that is attempting to observe the bitcoin standard. 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.”
In February, Luna Foundation announced a $1B private token sale off-exchange, to establish a decentralized UST Forex Reserve denominated in bitcoin in a fundraise led by Jump Crypto and Three Arrows Capital .
The Luna Foundation Guard isn’t the only company buying bitcoin in such huge amounts. Michael Saylor’s MicroStrategy continues to accumulate bitcoin regardless of bitcoin’s price. Microstrategy increased its reserves by 4167 BTC in April, bringing its total assets to 129,218 BTC.