Luna Foundation Guard Holds Almost 40,000 BTC After Weekend Purchase
Luna Foundation Guard bought $173 million worth of bitcoin over the weekend, but bitcoin is down 2%.
Apr 11, 2022 at 4:03 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DQZJX2YNKNEUPKCTUGDBFRORQM.png)
Terraform Labs CEO Do Kwon on CoinDesk TV in December. (CoinDesk screenshot)
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The Luna Foundation Guard (LFG), a Singaporean entity that is establishing a reserve protocol for the algorithmic stablecoin UST, added $173 million in bitcoin (BTC) to its wallet over the weekend via a series of buys.
- LFG now has 39,897.98 bitcoin in its wallet, worth approximately $1.67 billion.
- During the past week, the LFG has made a series of digital asset buys: It purchased $230 million of bitcoin on April 6 and $200 million in AVAX on April 8.
- Terra’s founder Do Kwon has previously said that the foundation plans to acquire $10 billion in bitcoin to “open a new monetary era of the bitcoin standard.”
- The price of bitcoin didn’t seem to move on the news, as it's down approximately 2% in the last 24 hours to $42,037 according to CoinDesk market data.
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