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    Luna Foundation Guard Acquires $1,5 Billion in Bitcoin, Joining the Top 10 BTC Holders in the World

    This purchase has expanded LFG's holdings to more than 80,000 bitcoins, reinforcing its already massive stablecoin reserves.

    Luna Foundation Guard (LFG), a Singapore-based nonprofit organization, has raised another $1.5 billion, allowing it to gain 37,863 BTC through an OTC swap with broker Genesis Trading and additional purchases from Three Arrows Capital. The deal includes a $1 billion OTC swap with Genesis for $1 billion in UST and $500 million worth of BTC purchases from Three Arrows Capital.

    LFG currently holds approximately $3.5 billion worth of BTC, making it the top 10 largest Bitcoin holders in the world, according to CNBC.

    (Cre: bitinfocharts)

    With this purchase, LFG is getting closer to its goal of accumulating up to $10 billion in Bitcoin to back its UST stablecoin. Earlier at the end of March, the firm purchased $139 million in Bitcoin, then about two months, it began amassing large amounts of digital assets.

    “For the first time, you’re starting to see a pegged currency that is attempting to observe the Bitcoin standard,” said Do Kwon, co-founder, and CEO of Terraform Labs, which is the development team behind the terra token. “It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe.”

    Luna Foundation Guard is not the only company making large Bitcoin purchases. MicroStrategy, a business intelligence firm, has also accumulated Bitcoin regardless of its volatile price. In April, the company added 4,197 BTC to its reserves, bringing its total holdings to 129,218 BTC.

    Currently, Luna, the governance token of the Terra blockchain, was down by 4.8% on Thursday amid a market-wide sell-off. Bitcoin is lower as well, making LFG’s $1.5 billion purchase now worth $1.4 billion.

    (Cre: TradingView)

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