Luna Foundation Guard adds nearly $230M of Bitcoin to holdings
Luna Foundation Guard (LFG), which is a non-profit organization created to build reserves that will support Terra's dollar-pegged stablecoin UST, came back to the crypto market and bought Bitcoin worth around $230 million on April 6.
The LFG currently holds 35,768 BTC valued at more than $1.5 billion at the current market price of $45,000.
The reserve size was raised with $1 billion through an over-the-counter sale to build a Bitcoin reserve as an additional layer of security for UST. The reserve size was then increased to $3 billion last month, with CEO Do Kwon tweeting plans to eventually build a $10 billion Bitcoin stash.
After the most recent buy the Luna Foundation Guard now holds more Bitcoin than car maker Tesla. Tesla holds Bitcoin worth about $1.26 billion on its balance sheet.