LFG Surpasses Tesla To Become Second Largest Corporate Bitcoin Holder

The Luna Foundation Guard (LFG) now holds $3.5 billion worth of Bitcoin BTC/USD 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.

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 TSLA. At the time of writing, MicroStrategy Inc. MSTR is the only corporate entity that holds more BTC than LFG.

Do Kwon, the founder of Terraform Labs and the Terra LUNA/USD 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.