A report by the Luna Foundation Guard published Thursday said that 37,863 Bitcoin was acquired through over-the-counter transactions. This amount is more than $1.4 Billion. The LFG now holds 80,394 bitcoin in its reserves currently worth just under $3 billion using today’s exchange rates.
Luna Foundation Guard Scoops up 37,863 Bitcoin
Luna Foundation Guard published a May 5th 2022 report stating that 37,863 bitcoins (BTC) had been purchased by the Luna Foundation Guard. This purchase was worth slightly more than $1.4 billion as of the writing. LFG, a Singapore-based non-profit that holds stablecoin reserves of $10 billion by the end this year’s third quarter. While the organization has acquired a total of 80,394 bitcoin, LFG also purchased $100 million in avalanche (AVAX) to bolster the algorithmic stablecoin UST’s decentralized forex reserves.
While 42,530.828 BTC can be seen on the blockchain via LFG’s public address, the 37,863 bitcoin purchased were acquired via two over-the-counter (OTC) deals. The LFG Press Release states that $1 billion of UST was exchanged with Genesis, the prime broker for BTC. It also purchased another. $500 millionThree Arrows Capital is an investment hedge fund.
Terraform Labs Founder Says UST’s Decentralized Forex Reserve Stash Is Aligned With the Bitcoin Standard
Do Kwon, the cofounder and CEO of Terraform Labs told CNBC during the announcement that the pegged currency’s reserves are aligned with the Bitcoin standard.
“For the first time, you’re starting to see a pegged currency that is attempting to observe the Bitcoin standard,” Kwon remarked. “It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe,” the Terraform Labs founder added. The press release further notes that LFG’s purchase was once worth $1.5 billion, but today it’s reduced in value to $1.4 billion worth of BTC.
LFG’s current bitcoin wallet now holds more than Tesla’s bitcoin reserves, which is approximately 42,902 bitcoin, according to U.S. Securities and Exchange Commission (SEC) filings. With 80,394 bitcoin, LFG’s stash is only 48,824 BTC away from catching up to Microstrategy’s 129,218 BTC. The price of bitcoin (BTC), which fell to $36,520 on Thursday, is now down 5%.
“The jury’s still out on the effectiveness on the subject, but I think it is symbolic in the sense now that we live in a time where there’s excess money printing across the board and when monetary policies [are] highly politicized that there are citizens that are self-organizing to try to bring systems back to a sounder paradigm of money,” Kwon concluded on Thursday.
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