That Guardians of the Luna Foundation (LFG) now holds $3.5 billion worth of stock Bitcoin BTC/USD for its stablecoin reserves.
What happened: LFG acquired another 37,863 BTC worth $1.5 billion in OTC swaps from Genesis trade and Capital with three arrows.
2/ The OTC swaps included $1 billion for $1 billion worth of BTC with Genesis and the LFG bought another $500 million worth of BTC through 3AC.
The acquired BTC increases the total holdings of LFG to ~80,394 bitcoins.
— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022
LFG is now one of the top 10 holders of Bitcoin in the world. With 80,394 BTC worth over $3.5 billion, LFG currently holds more Bitcoin than Tesla Inc TSLA. At the time of writing, MicroStrategy Inc. MSTR is the only legal entity holding more BTC than LFG.
do kwon, the founder of Terraform Labs and the Terra LUNA/USD Blockchain said LFG plans to acquire $10 billion worth of BTC for its reserves.
“This is the first time you’re seeing a pegged currency trying to conform to the bitcoin standard,” Do Kwon told CNBC.
“It’s a strong directional bet that holding many of these foreign exchange reserves in the form of a native digital currency will be a winning formula.”
The price of LUNA surged to an all-time high of $119.18 in the last month. According to data from Benzinga Pro, LUNA is currently trading at $80.61, down 6.44% over the past 24 hours.
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