The Luna Foundation Guard (LFG) has bought another $230 million worth of bitcoin today, according to activity on LFG-owned crypto wallets.
To buy the sum of bitcoin, LFG transferred $231 million in USDT stablecoin from its Ethereum wallet to crypto exchange Binance, exchanged it for 5,040 BTC and withdrew it to its custody in three transactions.
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LFG is a Singapore-based non-profit working on the Terra blockchain that plans to purchase billions of dollars in bitcoin as reserve assets for Terra (UST), the largest algorithmic stablecoin on the blockchain.
Terraform Labs CEO and LFG director Do Kwon confirmed the large bitcoin purchase in his recent Twitter post saying he “bought 230M in BTC” among a few other personal chores he finished.
LFG transferred its newly-bought bitcoin from Binance to a bitcoin wallet believed to be in its control. Separately, it withdrew 490 BTC, 586 BTC and 3,964 BTC in three transactions amounting to 5,040 BTC ($230 million) as a whole at the time of transfer.
LFG’s wallet currently holds 35,767.9 BTC worth over $1.6 billion — a sum that has been rapidly growing over the last month. Based on its transactional history, LFG’s last major buy-in prior to today came in on March 30 at 2,943 BTC, worth $139.3 million.
As earlier reported by The Block, LFG aims to amass $3 billion of bitcoin in the short run and keep it as a second reserve cryptocurrency (in addition to LUNA) to support the UST. The stablecoin stands at a $16.7 billion market capitalization making it the fourth largest stablecoin in the crypto space.
To achieve the $3 billion objective, it is hoped that LFG will continue to buy more bitcoin in the near future. In the long haul, LFG aims to hit a massive $10 billion reserve made of bitcoin for its stablecoin reserves, Kwon stated last month.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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