Luna Foundation Guard Adds Nearly $230M of Bitcoin to Stack

The foundation now has bigger exposure to bitcoin than the U.S. electric-car maker Tesla.

AccessTimeIconApr 6, 2022 at 11:28 a.m. UTC
Updated May 11, 2023 at 5:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Luna Foundation Guard (LFG), a non-profit organization mandated to build reserves supporting smart contract blockchain Terra's dollar-pegged stablecoin UST, returned to the crypto market on Wednesday, snapping up bitcoin (BTC) worth $227 million.

  • LFG purchased 5,040 BTC, boosting its stash to 35,768 BTC valued at $1.6 billion at the current market price of $45,100, the foundation's confirmed bitcoin address shows.
  • That's the first significant purchase since March 30. The foundation acquired about $125 million worth of bitcoin each day, starting from March 22 to March 25 and allocated $160 million on March 26.
  • LFG announced in February that it had raised $1 billion through an over-the-counter sale to build a bitcoin reserve as an additional layer of security for UST.
  • The reserve size was increased to $3 billion last month, with Terraform Labs founder and CEO Do Kwon tweeting plans to eventually build a $10 billion bitcoin stash.
  • The foundation's buying spree has put it ahead of the U.S. electric car maker Tesla (TSLA), which holds $1.26 billion worth of BTC on its balance sheet.
  • The latest purchase comes as macro jitters weigh over bitcoin, offering the foundation an opportunity to load up at cheap prices.

UPDATE (April 6, 11:31 UTC): Adds "nearly" in the headline.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.