Luna Foundation Guard purchases additional 37,863 BTC as part of reserve strategy

Luna Foundation Guard purchases additional 37,863 BTC as part of reserve strategy

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Luna Foundation Guard (LFG), a Singapore-based nonprofit tied to the Terra Luna ecosystem, has raised another $1.5 billion to further expand its already hefty Bitcoin (BTC) reserves.

The raise allowed LFG to acquire 37,863 BTC via over-the-counter swaps with broker Genesis Trading and additional purchases from Three Arrows Capital, a leading crypto venture capital firm. The specific breakdown of the deal included a $1 billion over-the-counter swap with Genesis and a $500 million purchase from Three Arrows Capital, the company disclosed Thursday. 

LFG now holds roughly $3.5 billion worth of BTC, which puts it among the top-ten holders in the world, according to CNBC. 

1/ The LFG has acquired an additional 37,863 Bitcoins totaling ~$1.5 billion in OTC swaps with @GenesisTrading and 3AC. https://t.co/Ezzfwl7VFn

— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022

With the latest purchase, Luna Foundation Guard is inching closer to its goal of accumulating up to $10 billion in Bitcoin to back algorithmic stablecoin U.S. Terra, which is also known as UST. As Cointelegraph reported, LFG purchased $139 million worth of BTC in late March, roughly two months after the company began to amass serious quantities of the digital asset.

Do Kwon, the CEO of Terraform Labs, has stated that his goal is to build up a Bitcoin stash that rivals that of Satoshi Nakamoto, the digital asset’s pseudonymous creator.

Just getting started pic.twitter.com/dJrkf6YfrR

— TerraLunaaaa (@TerraLunaaaa) March 30, 2022

This story is still in development. 

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