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Luna Foundation Guard Adds Another $100 Million in BTC to Reserves
Summary: The Luna Foundation Guard (LFG), a Singaporean nonprofit organization dedicated to improving the decentralized economy, has bought another $100 million in Bitcoin to its wallet which now sits at $1.7 billion in BTC. The announcement comes via Do Kwon, the founder of Luna’s Twitter. Their $1.7 billion worth in Bitcoin equals 42,410 BTC in their ...
The Luna Foundation Guard (LFG), a Singaporean nonprofit organization dedicated to improving the decentralized economy, has bought another $100 million in Bitcoin to its wallet which now sits at $1.7 billion in BTC. The announcement comes via Do Kwon, the founder of Luna’s Twitter.
Their $1.7 billion worth in Bitcoin equals 42,410 BTC in their wallet. They also hold $549.84 million in USD-denominated stablecoins and $14.74 million in Terra according to the dashboard it has. In total their wallet sits at over $2.28 billion in crypto with over 75% of it in the form of Bitcoin.
This makes the LFG wallet the 18th largest Bitcoin wallet in the world. The heavy hitters leading the pack include Binance’s cold wallet of 252,597 BTC for a staggering $10,275,168,103 and Bitfinex’s cold wallet of 168,010 BTC worth $6,834,322,090.
Luna’s goal is purchase $10 billion in Bitcoin to bolster their reserve that ultimately backs up its stablecoin UST, which is used for widespread staking on the network. The goal was announced by Kwon on Twitter on March 14 of this year.
They chose Bitcoin most likely because it is the king of crypto, it is the most valuable coin and seems to be going nowhere in the future. If Luna can accomplish their goal, they will slide between Binance’s and Bitfinex’s BTC wallet, coming in at number two overall.
At the time of writing, Bitcoin is trading at $40,949, which puts it up 2.1% on the day, according to BitPush Terminal data.
Author: Tyler Irvin
Tags: Bitcoin,luna foundation guard
Link: Luna Foundation Guard Adds Another $100 Million in BTC to Reserves [Copy]
