Luna Foundation Acquires $1.4 Billion in Bitcoin, Decentralized Reserve Stash Rises to 80,394 BTC

According to a study published connected Thursday, the Luna Foundation Guard (LFG) explained that it acquired 37,863 bitcoin worthy much than $1.4 cardinal done 2 over-the-counter deals. The LFG present holds 80,394 bitcoin successful its reserves presently worthy conscionable nether $3 cardinal utilizing today’s speech rates.

Luna Foundation Guard Scoops up 37,863 Bitcoin

On May 5, 2022, the Luna Foundation Guard reported that it purchased 37,863 bitcoin (BTC), worthy a interaction implicit $1.4 cardinal astatine the clip of writing. LFG, the non-profit based retired of Singapore aims to person $10 cardinal of stablecoin reserves by the extremity of the 3rd 4th of this year. While the enactment has acquired a full of 80,394 bitcoin, LFG besides purchased $100 cardinal successful avalanche (AVAX) to bolster the algorithmic stablecoin UST’s decentralized forex reserves.

While 42,530.828 BTC tin beryllium seen connected the blockchain via LFG’s nationalist address, the 37,863 bitcoin purchased were acquired via 2 over-the-counter (OTC) deals. According to the LFG property release, $1 cardinal worthy of UST was traded with the premier broker Genesis for the BTC, and it purchased the different $500 million from the hedge money Three Arrows Capital.

Terraform Labs Founder Says UST’s Decentralized Forex Reserve Stash Is Aligned With the Bitcoin Standard

Do Kwon, the cofounder and CEO of Terraform Labs told CNBC during the announcement that the pegged currency’s reserves are aligned with the Bitcoin standard.

“For the archetypal time, you’re starting to spot a pegged currency that is attempting to observe the Bitcoin standard,” Kwon remarked. “It’s making a beardown directional stake that keeping a batch of those overseas reserves successful the signifier of a integer autochthonal currency is going to beryllium a winning recipe,” the Terraform Labs laminitis added. The property merchandise further notes that LFG’s acquisition was erstwhile worthy $1.5 billion, but contiguous it’s reduced successful worth to $1.4 cardinal worthy of BTC.

LFG’s existent bitcoin wallet present holds much than Tesla’s bitcoin reserves, which is astir 42,902 bitcoin, according to U.S. Securities and Exchange Commission (SEC) filings. With 80,394 bitcoin, LFG’s stash is lone 48,824 BTC distant from catching up to Microstrategy’s 129,218 BTC. Meanwhile, bitcoin (BTC) slipped down to a debased of $36,520 connected Thursday and the starring crypto plus is down 5% implicit the past 24 hours.

“The jury’s inactive retired connected the effectiveness connected the subject, but I deliberation it is symbolic successful the consciousness present that we unrecorded successful a clip wherever there’s excess wealth printing crossed the committee and erstwhile monetary policies [are] highly politicized that determination are citizens that are self-organizing to effort to bring systems backmost to a sounder paradigm of money,” Kwon concluded connected Thursday.

What bash you deliberation astir the Luna Foundation Guard scooping up 37,863 bitcoin? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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