Luna Foundation Guard acquires additional 37,863 BTC as part of reserve strategy
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 an additional purchase 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 for $1 billion in UST and a $500 million BTC 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-10 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
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
Related: Luna Foundation Guard raises $1B to form UST reserve denominated in Bitcoin
UST has emerged as the most popular algorithmic stablecoin with a market capitalization of over $18.6 billion, according to CoinMarketCap. Only Tether (USDT) and USD Coin (USDC) have a higher market value and circulating supply.
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