The Luna Foundation Guard (LFG) now holds $3.5 billion worth of Bitcoin (CRYPTO: BTC) for its stablecoin reserves.
What Happened: LFG acquired another 37,863 BTC worth $1.5 billion in OTC swaps from Genesis Trading and Three Arrows Capital.
2/ The OTC swaps included 1 billion $UST for $1 billion worth of $BTC with Genesis, and the LFG purchased an additional $500 million worth of BTC via 3AC.
— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022
The acquired BTC brings the LFG’s total holdings to ~80,394 Bitcoins.
LFG is now one of the top 10 holders of Bitcoin in the world. With 80,394 BTC worth over $3.5 billion, LFG currently holds more Bitcoin than Tesla Inc (NASDAQ:TSLA). At the time of writing, MicroStrategy Inc. (NASDAQ:MSTR) is the only corporate entity that holds more BTC than LFG.
Do Kwon, the founder of Terraform Labs and the Terra (CRYPTO: LUNA) blockchain, said LFG plans to acquire $10 billion worth of BTC for its reserves.
“For the first time, you’re starting to see a pegged currency that is attempting to observe the bitcoin standard,” Do Kwon told CNBC.
“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.”
The price of LUNA rallied to an all-time high of $119.18 last month. According to data from Benzinga Pro, LUNA was currently trading at $80.61, down 6.44% over the last 24 hours.
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