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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.