A Singapore-based organization related to the Terra Luna ecosystem, the LFG (Luna Foundation Guard) has successfully raised an extra $1.5 billion to support its current BTC (Bitcoin) acquisition.
LFG obtained 37,863 BTC through over-the-counter swaps with broker Genesis Trading as well as a separate transaction with Three Arrows Capital, a significant crypto venture capital firm. According to a press release issued by the business on Thursday, the transaction consists of a $1 billion over-the-counter exchange with Genesis for $1 billion in UST and a $500 million BTC purchase from Three Arrows Capital.
According to CNBC, LFG currently possesses over $3.5 billion in BTC, placing it among the top-10 holders in the world.
— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022
With this recent acquisition, Luna Foundation Guard has moved closer to its aim of amassing up to $10 billion in Bitcoin to support the algorithmic stablecoin U.S. Terra, better known as UST. According to Cointelegraph, LFG acquired $139 million in BTC in late March, nearly two months after the corporation began amassing significant amounts of the digital commodity.
Do Kwon, the CEO of Terraform Labs, has indicated his ambition to amass a Bitcoin fortune comparable to that of Satoshi Nakamoto, the digital asset’s eponymous founder.
The Luna Foundation Guard is not the only firm that has made high-profile Bitcoin acquisitions. Regardless of Bitcoin’s price, publicly listed business analytics firm MicroStrategy continues to stack sats. In April, the company increased its reserves by 4,197 BTC, bringing its total holdings to 129,218 BTC.
With a market cap of more than $18.6 billion, UST has emerged as the most popular algorithmic stablecoin, according to CoinMarketCap. Coins like USD Coin (USDC) and Tether (USDT) have a bigger market value and circulation supply.
In terms of price, Bitcoin briefly dropped below $37,000 on Thursday as risk-on markets reacted to the previous day’s little post-FOMC bounce. According to Cointelegraph Markets Pro and TradingView statistics, BTC was down 5.3 percent at $37,126.
A non-profit organization established in Singapore, LFG is committed to creating and promoting a genuinely decentralized economy through improved financial independence, secrecy, and open-source software sustainability.
The LFG acts as a critical hub of resources and direction for an evolving DeFi technology stack by stimulating innovation, fostering community stewardship, and supporting research and development of many components of open-source software and applications.
The LFG is primarily concerned with Terra. Terra is a public, decentralized, open-source blockchain designed to host a suite of fiat-pegged, algorithmic stablecoins. This mostly comprises TerraUSD (“UST”), the Terra network’s flagship stablecoin, and the top decentralized stablecoin in DeFi by market cap.
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