The Luna Foundation Guard (LFG), the treasury backing the TerraUSD ($UST) stablecoin has overtaken Tesla as the company with the 2nd highest Bitcoin reserves, only behind Microstrategy.
- The LFG now holds 80,394 BTC after a recent purchase of 37,863 BTC ($1.5 billion) according to a press release. Prior to the purchase LFG stockpiled over 40,000 BTC, holding a total of 42,530 BTC in their wallet.
- Currently, Tesla Motors has a stockpile of 43,200 BTC, which means the LFG has successfully passed Teslas Bitcoin holdings.
- LFG acquired over $1 billion worth of Bitcoin in an over-the-counter transaction with broker, Genesis. The trade consisted of swapping $UST for $BTC according to Bitcoin Magazine. The remaining $500 million was bought, with cryptocurrency hedge Three Arrows Capital (3AC) facilitating the trade.
- The recent purchase of more Bitcoin supports Terra CEO, Do Kwon’s vision to acquire over $10 billion in Bitcoin and “open a new monetary era of the bitcoin standard.”
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