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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.
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 (BTC) 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 (TSLA), 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.
STORY CONTINUES BELOW
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Read More: What Is LUNA and UST? A Guide to the Terra Ecosystem
UPDATE (April 6, 11:31 UTC): Adds "nearly" in the headline.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
