Do Kwon’s Luna Foundation Guard becomes top 20 hodler of Bitcoin
Do Kwon's Luna Foundation Guard purchased a further $176 million worth of Bitcoin on April 10 for its UST reserves.
Terra bought another 4,130 #BTC ($170m) today.
They now hold more than 0.2% of the current #bitcoin supply. That puts it in the top 20 wallets when ranked by holdings.
Total holdings = 39,897 BTC
— Harry 🌕 (@CryptoHarry_) April 10, 2022
Feeling cute, might go shopping later 🧡
— Do Kwon 🌕 (@stablekwon) April 10, 2022
In January, LFG announced that it will purchase $10 billion worth of BTC. So far, it has spent $1.73 billion on roughly 39,897 BTC, which it holds in reserve. Since January 26, the LFG Bitcoin wallet has grown from less than one BTC to almost 40 thousand BTC over 91 transactions.
If they continue to buy Bitcoin into this wallet until they reach $10 billion, they will have the second-largest Bitcoin wallet. The biggest wallet currently holds 252,597 BTC and is owned by Binance.
Bitcoin is not the only layer one blockchain project on LFG’s balance sheet. It has also started buying Avalanche (AVAX) tokens to support its UST reserve. Furthermore, an announcement on April 7 confirmed that the UST reserve would also be adding other layer one crypto assets in the future to create a “diverse pool.”
It's only just the beginning frens. https://t.co/5utdQMVAiw
— LFG | Luna Foundation Guard (@LFG_org) April 7, 2022
UST is an algorithmic stablecoin which means there is no official requirement to own assets as collateral to peg the dollar value of the coin. Instead, the LUNA token works to maintain parity between UST and the dollar.
LFG intends to create a UST reserve consisting of Bitcoin, Avalanche, USDC, and USDT.