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The Luna Foundation Guard (LFG) purchased an additional 123.89 bitcoin on Friday worth close to $5 million at the time of settlement. Since mid-March, Terra’s LFG has been acquiring bitcoin on a regular basis and after the purchase on Friday morning, the non-profit organization has approximately 42,530.827 bitcoin.
LFG Acquires Another Batch of Bitcoins for the Project’s Decentralized UST Forex Reserves
Ever since Terraform Labs founder Do Kwon said the Terra project would purchase $3 billion worth of bitcoin for Terra’s decentralized UST forex reserves, LFG has been acquiring quite a bit of BTC. Bitcoin.com News reported on LFG’s last buy when it obtained 2,508 BTC two days ago and the wallet held approximately 42,406.92 BTC after the acquisition.
On Friday, the non-profit organization LFG acquired a much smaller quantity of bitcoin as it deposited 123.89917 BTC worth close to $5 million at 1:55 a.m. (UTC). All of the funds deposited into the LFG address have stemmed from a Binance hot wallet, except for random dust transactions sent to the wallet on a daily basis.
Now LFG’s bitcoin wallet holds 42,530.827 bitcoin worth $1.71 billion at the time of writing. It is currently the 18th largest bitcoin wallet after 69 transactions that started on January 21, 2022.
The purchase of 123.89 BTC follows the creation of the Terraform Labs Global Founder Fellowship. “The aim of the Terra Global Founder Fellowship is to work with top tier early-stage VC firms, accelerator programs, and tech unicorn companies,” the Terraform Labs’ announcement explained on Wednesday.
The Terra Global Founder Fellowship partners include Jump Crypto, Delphi Digital, Outlier Ventures, Long Hash Ventures, SCB10X, Alpha Finance Lab, Ship Capital, Basis Set Ventures, and Insignia Ventures.
Terra’s stablecoin UST was also listed on Binance US on April 13, and UST’s market capitalization on April 15 is only $200 million away from surpassing the stablecoin BUSD’s market valuation. Terra’s UST has seen its market cap grow by 15.5% during the last 30 days.
LFG’s Gnosis safe address has seen a lot of action in recent times as well. The address recently saw a deposit of 86,923,440 tether (USDT) three days ago. This was after the non-profit withdrew approximately 100,000,000 USDT the day before.
Statistics show the LFG Gnosis safe address holds around $549.6 million in stablecoins with the most dominant being usd coin (USDC). The address currently holds $398.16 million worth of USDC, $151.4 million worth of tether (USDT), and a small fraction (0.056 ETH) of ethereum worth $168.56.
What do you think about the Luna Foundation’s growing stash of bitcoins? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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