• LFG’s recent $1.5 billion purchase of 37.863 shares has made it a household name.
• LFG’s 37,863 BTC purchase now brings them one step closer to their goal of acquiring $10 billion worth of Bitcoin.
• After LFG’s most recent BTC purchase, its Bitcoin reserves total around 80,394 BTC which is currently valued at $3.1 billion.

Luna Foundation Guard (LFG), a non-profit organisation, aims at developing the ecosystem. LFG has been a hot topic after it purchased 37,863 Bitcoins for $1.5 billion in an over-the-counter transaction (OTC). LFG has become the second-largest corporate owner of Bitcoin (NASDAQ:)

LFG owned 42,530 BTC before the purchase. This is worth more than $1.6 billion. Tesla on the other side holds 43,200 BTC, which are currently valued at $1.7billion.

LFG’s 37,863 BTC purchase now brings them one step closer to their goal of acquiring $10 billion worth of Bitcoin to strengthen the UST Forex Reserve backing the Terra ecosystem stablecoin.

An LDF Governing Council Member and CEO of Terraform Labs, Do Kwon, stated that “the LFG’s mission to support the stability and adoption of the UST stablecoin continues with the latest deal acquiring BTC from Genesis for the UST Forex Reserve.”

Genesis, a well-known crypto broker, facilitated the $1 billion BTC purchase through an OTC swap with UST Stablecoin to BTC. The transaction is historic as the largest of its type. Three Arrows Capital, a leading cryptocurrency hedge-fund (3AC), obtained the remaining $500 million.

Head of Derivatives at Genesis, Joshua Lim, stated that “Genesis is excited to be a liquidity partner to the Terra ecosystem, connecting it to a broader audience of institutional market participants.”

After LFG’s most recent BTC purchase, its Bitcoin reserves total around 80,394 BTC which is currently valued at $3.1 billion. LFG is now one of the 10 largest Bitcoin owners in the world.

Continue reading on CoinQuora