Luna Foundation Guard (LFG), a non-profit organization, acquired an additional 37,863 BTC totaling ~$1.5 billion. The transaction was conducted in the OTC market, with Genesis Global Trading and Three Arrows Capital acting as intermediaries.
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
– LFG | Luna Foundation Guard (@LFG_org) May 5, 2022
LFG exchanged 1 million UST for $1 billion worth of bitcoins through Genesis Global Trading and purchased $500 million worth of Cryptocurrency from Three Arrows Capital. The average purchase price of the assets was $39,616.
In total, the organization has 80,394 BTC (~$2.98 billion at current exchange rates) on its balance sheet. According to LFG’s own data, it was one of the 10 largest holders of Bitcoin.
3/ The deals push the LFG into one of the top 10 holders of BTC.https://t.co/hkthpEsDAW
The acquired BTC will be updated in the LFG dashboard below to reflect the additions accordingly. https://t.co/IKQmFhPNdE
– LFG | Luna Foundation Guard (@LFG_org) May 5, 2022
Earlier, Terraform Labs founder Do Kwon said a $10 billion bitcoin reserve fund needs to be assembled to sustain the UST stack.
