Luna Foundation Guard becomes top 10 Bitcoin holder

The Luna Foundation Guard has purchased different 37,863 Bitcoins taking them into the apical 10 Bitcoin holders successful the world. In a Twitter thread, they announced, “The LFG has acquired an further 37,863 Bitcoins totaling ~$1.5 cardinal successful OTC swaps with @GenesisTrading and 3AC.”

Genesis Trading is 1 of the largest providers of integer assets to organization organizations.  It has managed $11.4 billion successful spot trades successful Q1, meaning this LFG transaction accounts for astir 10% of its quarterly enactment successful a azygous trade.

According to the announcement, it has besides managed $44 cardinal successful indebtedness originations, $27 cardinal successful derivatives, and $14 successful progressive crypto loans though LFG has lone utilized its spot services.

The acquired BTC brings the LFG’s full holdings to ~80,394 Bitcoins.

At existent levels, this equates to astir $2.9 billion, immoderate $6.3 cardinal down the apical wallet belonging to Binance. Other whales successful the Bitcoin apical holders see Microstrategy with astir 120,000 Bitcoins and Bitfinex with 168,010 Bitcoins.

Interestingly, LFG utilized TerraUSD to acquisition the Bitcoin from Genesis. UST is the Terra-made algorithmic unchangeable coin for which Bitcoin volition beryllium utilized arsenic a safeguard. Terra founder, Do Kwon, declared earlier this twelvemonth that LFG would get $10 cardinal successful Bitcoin earlier Q3 successful 2022. This leaves astir $7.1 cardinal successful further trades expected this twelvemonth earlier Q3.

“For the archetypal time, you’re starting to spot a pegged currency that is attempting to observe the bitcoin standard,” Kwon said.