Luna Foundation Guard (LFG), which is trying to acquire $10 billion worth of cryptocurrency, has bought an additional $1.5 million. LFG purchased the bitcoin in order to boost its stablecoin U.S.

Terra purchases an additional $1.5 billion of Bitcoin

The LFG’s drive to attain $10 billion of bitcoin for its stablecoin reserves has seen it purchase an additional 37,863 bitcoins, worth approximately $1.5 billion.

The foundation’s latest bitcoin acquisition consisted of two over-the-counter deals this week. First, a 1 billion OTC swap was made with Genesis crypto prime broker for $1 billion in UST. Three Arrows Capital purchased a bitcoin worth $500 million.

Terra Becomes Second-Largest Bitcoin Holder

The LFG currently holds 80,394 bitcoins worth about $3.5 billion. LFG is now the second largest corporate holder in Bitcoin after Tesla (NASDAQ:).

Do Kwon is the CEO and cofounder of Terraform Labs. He stated that the LFG hopes to achieve its goal of $10 billion in Bitcoin reserves by the third quarter.

The Flipside

• It is currently ranked 10th in the largest crypto with a market value of $18.7 million. This position was achieved due to its declines and increasing reserves for U.S. Terra.

Market cap ranked the 10 top cryptos. Source: Coinmarketcap

Why you should care

Kwon believes that keeping foreign reserves as digital native currencies will make a great recipe.

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