In Q1, Do Kwon, the founder of , outlined his company’s plans to purchase $10 million worth of . Luna Foundation Guard, which backs TerraUSD (UST), stablecoin has been steadily building up Bitcoin.

Last week, Terra’s treasury announced the purchase of $230 million worth of bitcoin on April 6th, and a further $200 million of AVAX on April 8th. LFG has become the ninth largest bitcoin holder thanks to these large purchases.

Luna Foundation Holds Nearly 40,000 BTC

The Luna Foundation Guard acquired $173 Million in Bitcoin over the weekend through several acquisitions.

Its recent purchases have brought the total quantity of BTC held by the LFG to 39,897.98, worth an approximate $1.68 billion at today’s prices.

Top 100 Richest Bitcoin Addresses. Source: Bitinfocharts

Luna Foundation Guard has been accumulating bitcoin to supplement its UST reserves. The Luna Foundation Guard purchased Altcoins to augment its UST reserves.

To The Flipside

• As the LFG continues to accumulate bitcoin, Terra’s total value locked (TVL) has dropped from its high of $32 billion down to $27 billion.

• A general bearish trend is also evident in technical indicators for Terra (LUNA).

Why you should care

By purchasing $10 Billion in bitcoin, the Luna Foundation Guard hopes to “open a new monetary era of the Bitcoin standard.”

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