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Luna Foundation Guard is buying another 37,863 BTC as a reserve

 


Luna Foundation Guard (LFG) is a Singapore-based non-profit organization associated with the Terra Luna ecosystem. It has now raised $1.5 billion to buy more Bitcoin ( BTC ) for its reserves.


With the money, LFG was able to buy 37,863 BTC via over-the-counter swaps with broker Genesis Trading. Additionally, she has also bought BTC through Three Arrows Capital, a leading crypto hedge fund. As the company announced on Thursday, that deal included a $1 billion over-the-counter swap with Genesis for $1 billion in UST and a $500 million purchase of BTC from Three Arrows Capital.


LFG now holds around $3.5 billion worth of BTC, making it one of the top 10 largest Bitcoin holders worldwide, according to CNBC, CNBC reported . 

Luna Foundation Guard aims to buy up to $10 billion in Bitcoin to fund algorithmic stablecoin US Terra (UST). As Cointelegraph reported, LFG bought $139 million worth of BTC in late March . Two months earlier, the company has gradually accumulated larger quantities.


Do Kwon , the CEO of Terraform Labs, has stated that his goal is to build a Bitcoin fortune as large as that of Satoshi Nakamoto, the unknown creator of the digital asset.


UST is the most popular algorithmic stablecoin, according to CoinMarketCap, with a market cap of over $18.6 billion. Only Tether ( USDT ) and USD Coin ( USDC ) have a higher market value and larger supply in circulation. 


In addition to Luna Foundation Guard, other companies are also buying Bitcoin in a big way. Publicly traded business intelligence company MicroStrategy accumulates the asset regardless of Bitcoin price. In April, the company bought 4,197 BTC , bringing the total to 129,218 BTC.


Bitcoin briefly fell below $37,000 on Thursday . Risky markets have fallen sharply after a brief rally post FOMC meeting. Bitcoin is down 5.3 percent on the day to trade at $37,126, according to data from Cointelegraph Markets Pro and TradingView .

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