Luna Foundation Guard Buys Additional 37,863 BTC for $1.5B
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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.

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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.

Luna Foundation Guard Raises $1B to Continue Stablecoin UST Development

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.

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