Luna Foundation Guard bought $1.5 billion in Bitcoins

Luna Foundation Guard bought $1.5 billion in Bitcoins

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.

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Written by Renat
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