Luna Foundation Guard Resumes Bitcoin Purchases to Bolster Their Reserve

The BitPush terminal shows us that Bitcoin is currently trading at $47,000 as the Luna Foundation Guard (LFG), a non-profit organization focused on the terra blockchain protocol, resumed buying the King of Crypto, after taking a one-day hiatus according to a report published Wednesday.  

The Singapore-based comany has purchased 5,773, worth $272 million, this week confirmed by the foundation’s Bitcoin address. The vast majority was purchased on Monday causing the Tuesday hiatus in buying. Last week, it acquired an average of $125 million of BTC per weekday. 

Here is a current account total and the last few purchases the foundation has made: 

According to the report, LFG used USDT, the symbol for tether, the world’s largest stablecoin, to finalize their Bitcoin trades. They sent USDT to Jump Trading who then executed the BTC purchase.

This report comes one month after LFG announced it raised $1 billion through an over-the-counter sale of LUNA, the native token of the Terra blockchain, to build up a Bitcoin-dominated reserve as an added layer of security to further support UST, Terra’s decentralized and the fourth-largest stablecoin. 

The founding round, which was one of the largest in crypto history, was led by Jump Crypto and Three Arrows Capital, with contributions from DeFiance Capital, Republic Capital, GSR Ventures and Tribe Capital, among others.

LFG now has 30,728 BTC worth $1.44 billion, topping the initial target of $1 billion. In addition to their Bitcoin address, their ether address has stablecoins worth $848 million, which can further fund more Bitcoin acquisitions. 

Bitcoin is trading near $47,000, with less than a percent change on the day. The cryptocurrency rose nearly 13.5% last week, making it the biggest single-week percentage rise since April 2021. 

Author: Tyler Irvin

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