The Luna Foundation Guard had purchased an additional 37,863 BTC, approximately $1.5 billion

The Luna Foundation Guard (LFG) confirmed that it had purchased an additional 37,863 BTC (approximately $1.5 billion).

Luna Foundation Guard purchased another $1.5B worth of Bitcoin

According to the data and LFG’s tweets, the group purchased the sum in two transactions. First, the LFG reportedly closed a $1B OTC swap with crypto prime broker Genesis for $1 billion worth of UST. Secondly, it bought $500 million worth of BTC from crypto venture capital firm Three Arrows Capital.

The latest purchase by the organization takes it from just over 40,000 BTC to approximately 80,394 BTC. The LFG leaps into the list of top 10 BTC holders. It brings the group closer to its goal of $10 billion worth of Bitcoin in reserve, a target nearly twice as much as Michael Saylor’s MicroStrategy holds at current exchange rates.

In March, the co-founder and CEO of Terraform Labs, Do Kwon, announced plans to raise $10 billion worth of BTC as collateral for UST. He hopes to achieve this goal by the end of Q3 2022.

“For the first time, you’re starting to see a pegged currency attempting to observe the bitcoin standard. It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency will be a winning recipe”, he stated.

Currently, business intelligence firm MicroStrategy remains the top Bitcoin holder with 129,218 coins worth $3.9 billion. Terra’s Bitcoin buyout emerges as a new bullish case for the crypto king after a massive performance in early 2022.

However, the massive buying failed to push the Bitcoin price up. The top cryptocurrency is currently trading at $36,479 on the Bitstamp exchange after falling more than 8%.

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