- Luna Foundation Guard, the non-profit group behind Terra’s UST Stablecoin, has acquired $1.5 billion value of bitcoin.
- This buy makes LFG the second-largest company holder of bitcoin, surpassing Tesla.
- The transaction was facilitated by cryptocurrency prime dealer Genesis, and cryptocurrency hedge fund 3AC.
Luna Foundation Guard (LFG), a non-profit group centered on creating the Terra ecosystem, has closed a $1.5 billion over-the-counter (OTC) buy of 37,863 bitcoin, surpassing Tesla because the second largest company holder of BTC, in accordance to a press release.
Prior to this buy, LFG held 42,530 BTC at the moment valued over $1.6 billion on this wallet. Tesla at the moment holds 43,200 BTC, at the moment valued shut to $1.7 billion. This buy of 37,863 BTC positions LFG nearly one-third of the best way by its preliminary plans to purchase $10 billion value of bitcoin to strengthen the UST Forex Reserve backing the Terra ecosystem stablecoin.
“The LFG’s mission to support the stability and adoption of the UST stablecoin continues with the latest deal acquiring BTC from Genesis for the UST Forex Reserve,” mentioned Do Kwon, LFG Governing Council member and Co-Founder and CEO of Terraform Labs.
The preliminary $1 billion value of BTC acquired by LFG was facilitated by a outstanding cryptocurrency prime dealer, Genesis, by an OTC swap of UST Stablecoin for BTC. This OTC transaction was the primary of its variety on the achieved magnitude. The remaining $500 million was obtained by Three Arrows Capital (3AC) which is a number one cryptocurrency hedge fund.
“Terra’s remarkable growth has continuously reshaped crypto markets over the last two years,” said Joshua Lim, head of derivatives at Genesis. “Genesis is excited to be a liquidity partner to the Terra ecosystem, connecting it to a broader audience of institutional market participants.”
With the bitcoin reserves of LFG totalling 80,394 BTC valued over $3.1 billion, this buy locations the inspiration among the many prime 10 bitcoin holders on this planet.