(Zycrypto) The Luna Foundation Guard, the group behind Terra Blockchain, has purchased an additional 37,863 bitcoins valued at around $1.5 billion.
LFG purchased the bitcoins in two transactions, one of a $1B OTC swap with crypto broker Genesis and another of $500 million from Three Arrows Capital, a venture capital firm.
The latest purchase takes the total held by LFG to about 80,394 BTC, catapulting the entity into the top ten bitcoin holders.
LFG issues the dollar-pegged stablecoin UST and LUNA. Since it started accumulating, the value of the UST token has tremendously increased in value to become the third most valuable stablecoin.
LFG has a goal of $10 billion worth of Bitcoin in reserves, which would be almost twice as much as MicroStrategy. The current BTC reserve value is around $3.5 billion and also holds over $100 million in Avalanche’s AVAX.
LFG’s inspiration for bitcoin buys is believed to stem from its argument that for a stablecoin to be decentralized, it has to be backed by a crypto asset. Tron’s Justin sun is the other adherent who is planning to take the same route.
BTCUSD is down -0.35%, LUNAUSD is down -1.81%
