Luna Foundation Surpasses Tesla As Second Largest Corporate Holder Of Bitcoin

• Luna Foundation Guard, the non-profit enactment down Terra’s UST Stablecoin, has acquired $1.5 cardinal worthy of bitcoin.
• This acquisition makes LFG the second-largest firm holder of bitcoin, surpassing Tesla.
• The transaction was facilitated by cryptocurrency premier broker Genesis, and cryptocurrency hedge money 3AC.

Luna Foundation Guard (LFG), a non-profit enactment focused connected processing the Terra ecosystem, has closed a $1.5 cardinal over-the-counter (OTC) acquisition of 37,863 bitcoin, surpassing Tesla arsenic the 2nd largest firm holder of BTC, according to a press release.

Prior to this purchase, LFG held 42,530 BTC presently valued implicit $1.6 cardinal successful this wallet. Tesla presently holds 43,200 BTC, presently valued adjacent to $1.7 billion. This acquisition of 37,863 BTC positions LFG astir one-third of the mode done its initial plans to get $10 cardinal worthy of bitcoin to fortify the UST Forex Reserve backing the Terra ecosystem stablecoin.

“The LFG’s ngo to enactment the stableness and adoption of the UST stablecoin continues with the latest woody acquiring BTC from Genesis for the UST Forex Reserve,” said Do Kwon, LFG Governing Council subordinate and Co-Founder and CEO of Terraform Labs.

The archetypal $1 cardinal worthy of BTC acquired by LFG was facilitated by a salient cryptocurrency premier broker, Genesis, done an OTC swap of UST Stablecoin for BTC. This OTC transaction was the archetypal of its benignant astatine the achieved magnitude. The remaining $500 cardinal was obtained done Three Arrows Capital (3AC) which is simply a starring cryptocurrency hedge fund.

"Terra's singular maturation has continuously reshaped crypto markets implicit the past 2 years,” said Joshua Lim, caput of derivatives astatine Genesis. “Genesis is excited to beryllium a liquidity spouse to the Terra ecosystem, connecting it to a broader assemblage of organization marketplace participants."

With the bitcoin reserves of LFG totalling 80,394 BTC valued implicit $3.1 billion, this acquisition places the instauration among the apical 10 bitcoin holders successful the world.