Luna Foundation Holds Nearly 40,000 BTC, Making It Nineteenth Largest Bitcoin Holder

In Q1, Do Kwon, the founder of Terra, outlined his company’s plans to purchase $10 million worth of Bitcoin. Since then, the Luna Foundation Guard (LFG), the treasury that backs the TerraUSD (UST) stablecoin, has been steadily accumulating Bitcoin.

Last week, Terra’s treasury announced the purchase of $230 million worth of bitcoin on April 6th, and a further $200 million of AVAX on April 8th. The sizable purchases have seen LFG become the nineteenth largest holder of Bitcoin.

Luna Foundation Holds Nearly 40,000 BTC

Over the weekend, the Luna Foundation Guard added an additional $173 million in bitcoin to its reserves through a series of acquisitions. 

Its recent purchases have brought the total quantity of BTC held by the LFG to 39,897.98, worth an approximate $1.68 billion at today’s prices. 

Top 100 Richest Bitcoin Addresses. Source: Bitinfocharts

In addition to accumulating bitcoin for its UST reserves, the Luna Foundation Guard also procured Altcoins for its UST reserves as the LFG announced the purchase of $200 million worth of Avalanche (AVAX) in its first ever Altcoin purchase

On the Flipside

  • As the LFG continues to accumulate bitcoin, Terra’s total value locked (TVL) has dropped from its high of $32 billion down to $27 billion.
  • Technical indicators for Terra (LUNA) also exhibit a general bearish trend.

Why You Should Care

By purchasing $10 Billion in bitcoin, the Luna Foundation Guard hopes to “open a new monetary era of the Bitcoin standard.”

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.