Over the weekend, Luna Foundation Guard (LFG), the treasury behind TerraUSD’s (UST) algorithmic stablecoin, bought more Bitcoin for the equivalent of $173 million.
Luna Foundation Guard of TerraUSD (UST) and Bitcoin purchases
According to estimates, Luna Foundation Guard (LFG) now holds nearly 40,000 BTC in its wallet, exactly 39,897.98 BTC, the equivalent of more than $1.67 billion.
That’s a hefty sum, and it’s the sum of a series of purchases over time, the most recent of which was this past weekend, worth $173 million in BTC.
Not only that, but also during the past week, LFG has reportedly purchased another $230 million in BTC, which was announced by Do Kwon, founder of Terra (LUNA) and Terraform Labs himself in a tweet:
Today I:
– Watered my plants
– Wrote some emails
– Bought 230M in $BTC
– vacuumed the house
– had some mcdonaldsNow off to walk the dog
— Do Kwon
(@stablekwon) April 6, 2022
“Today I have:
– Watered my plants
– Wrote a few emails
– Bought 230M in $BTC
– Vacuumed the house.
– Ate some McDonalds
Now I’m going to walk the dog!”
Do Know and the promise to buy $10 billion in Bitcoin
Also Do Know, in mid-March, had promised to buy $10 billion worth of BTC reserves to open, together with UST, a new monetary era of the Bitcoin standard.
Here is his tweet:
$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard.
P2P electronic cash that is easier to spend and more attractive to hold #btc
— Do Kwon
(@stablekwon) March 14, 2022
“UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard. P2P electronic cash that is easier to spend and more attractive to hold.”
Strategies to hoard the queen of cryptos that others like Michael Saylor‘s MicroStrategy company have already been putting in place for quite a while.
In fact, last week, MicroStrategy announced that it had obtained a three-year $205 million loan to buy Bitcoin, to pay fees, interest and expenses related to the loan transaction and for general corporate purposes of both MicroStrategy and MacroStrategy.
The loan to purchase BTC was provided by Silvergate Bank, a NYSE listed company with the ticker SI. The loan is secured by BTC held in MacroStrategy’s collateral account.
The Price of Bitcoin (BTC)
Despite yesterday’s announcement of Luna Foundation Guard’s (LFG) purchase of an additional $173 million in BTC, the price of Bitcoin appears to have dropped 2% in the last 24 hours.
A dump that sees BTC fall from a price of $42,500 to today’s $41,500. Still a bit far from BTC’s highest price in the last month, recorded on March 28, which was close to $48,000.
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