- Luna Basis 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 growing 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 response to a press release.
Previous to this buy, LFG held 42,530 BTC presently valued over $1.6 billion on this wallet. Tesla presently holds 43,200 BTC, presently valued near $1.7 billion. This buy of 37,863 BTC positions LFG virtually one-third of the way in which via its initial plans to amass $10 billion value of bitcoin to strengthen the UST Foreign exchange Reserve backing the Terra ecosystem stablecoin.
“The LFG’s mission to help the soundness and adoption of the UST stablecoin continues with the most recent deal buying BTC from Genesis for the UST Foreign exchange Reserve,” stated 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, via an OTC swap of UST Stablecoin for BTC. This OTC transaction was the primary of its sort on the achieved magnitude. The remaining $500 million was obtained via Three Arrows Capital (3AC) which is a number one cryptocurrency hedge fund.
“Terra’s exceptional development has repeatedly reshaped crypto markets over the past two years,” stated Joshua Lim, head of derivatives at Genesis. “Genesis is happy to be a liquidity companion to the Terra ecosystem, connecting it to a broader viewers of institutional market individuals.”
With the bitcoin reserves of LFG totalling 80,394 BTC valued over $3.1 billion, this buy locations the muse among the many high 10 bitcoin holders on the planet.
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