Luna Foundation Guard (LFG), a Singapore-based non-profit linked to the Terra Luna ecosystem, has raised $1.5 billion to further expand its already enormous bitcoin (BTC) reserves.
The increase allowed LFG to acquire 37,863 BTC through an over-the-counter swap with broker Genesis Trading and additional purchases from Three Arrows Capital, a leading crypto venture capital firm. Typical breakdowns of the deal included a $1 billion over-the-counter swap with Genesis and a $500 million purchase from Three Arrows Capital, the company revealed Thursday.
According to CNBC, LFG now holds about $3.5 billion worth of BTC, placing it among the top ten holders in the world.
1/ LFG has acquired an additional 37,863 Bitcoins, totaling ~$1.5 billion in OTC swaps. @genesistrading and 3ac. https://t.co/Ezzfwl7VFn
— LFG | Luna Foundation Guard (@LFG_org) 5 May 2022
With the latest purchase, the Luna Foundation is moving closer to its goal of accumulating up to $10 billion in bitcoin to support the Guard algorithmic stablecoin US Terra, also known as UST. As Cointelegraph reported, LFG purchased $139 million worth of BTC in late March, nearly two months after the company began accumulating large amounts of the digital asset.
Dou Kwon, CEO of Terraform Labs, has said that he aims to build a bitcoin stash that rivals the digital asset’s pseudonymous creator Satoshi Nakamoto.
just getting started pic.twitter.com/dJrkf6YfrR
— TerraLunaa (@TerraLunaaaaa) 30 March 2022
This story is still in development.
