The Luna Foundation Guard (LFG) has added 37,863 valued at $1.5 billion to its reserves following a partnership with Genesis Trading and Three Arrows Capital.
According to the business, the agreement involved a $1 billion over-the-counter swap with Genesis in exchange for $1 billion in UST and a $500 million BTC buy from Three Arrows Capital.
According to CNBC, LFG currently possesses nearly $3.5 billion in BTC, placing it among the top-10 holders in the world.
Luna Foundation Guard is getting closer to its aim of amassing up to $10 billion in Bitcoin to back algorithmic stablecoin U.S. Terra, better known as UST, with this new purchase.
LFG purchased $139 million worth of BTC in late March, according to Coinscreed, nearly two months after the corporation began amassing significant amounts of the digital commodity.
Do Kwon, the CEO of Terraform Labs, has indicated that his ambition is to amass a Bitcoin fortune comparable to that of Satoshi Nakamoto, the digital currency’s eponymous founder.
According to CoinMarketCap, UST has become the most popular algorithmic stablecoin, with a market valuation of approximately $18.6 billion. Only Tether (USDT) and USD Coin (USDC) have a higher circulating supply and market value.
The Luna Foundation Guard isn’t the only company buying Bitcoin in the news. MicroStrategy, a publicly-traded business analytics firm, continues to accumulate sats independent of Bitcoin’s price. The corporation increased its reserves by 4,197 BTC in April, bringing its total assets to 129,218 BTC.
