The Luna Foundation Guard (LFG), a non-profit organization focused on Terra, has acquired additional 37,863 bitcoin (EXANTE: Bitcoin) totaling ~$1.5 billion (at the time of purchase) in over-the-counter swaps conducted with Genesis and 3AC as the reserves of the Terra stablecoin (UST), CNBC reports. The latest transaction brings the organization close to the $10 billion mark.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Do Kwon, Co-Founder and CEO of Terraform Labs, says the organization plans to reach the mark by the end of Q3 2022. With the latest purchase, the LFG now holds approximately $3.5 billion in bitcoin. Moreover, the deals pushes the LFG into one of the top 10 holders of BTC, according to data from BitInfoCharts.
The purchase comes just a few months after the LFG also invested more than $1 billion in bitcoin to ensure the stability of the stablecoin. The organization announced on March 15 it intends to burn 4 million LUNA tokens to issue $372 million in UST to buy "external collateral." Later, Kwon revealed on March 19 on Twitter Space that the LFG's team was working to bring a new form of tokenized bitcoin to Terra's blockchain.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange