Luna Foundation Guard Expands Its Already Massive BTC Reserves by another $1.5 Billion

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Singapore-based nonprofit organization tied to Terra Luna, the Luna Foundation Guard (LFG), has reportedly purchased yet another $1.5 billion worth of Bitcoin (BTC), or precisely 37,863 BTCs, as part of its current reserve strategy of expanding its BTC holdings as much as possible. This follows its most recent BTC purchase late last March worth $139 million.

As it currently stands, this latest BTC splurge of LFG marks the nonprofit’s biggest BTC purchase yet, nearly doubling its previous total BTC reserves in the process. Before the massive purchase, LFG’s BTC reserves were at 42,530.82 BTC. Now, it is at 80,394 BTC. The purchase has also notably brought Terra’s total reserves to surpass the $3 billion mark. While the bulk of that is BTC, Terra also holds smaller shares of other virtual assets, such as AVAX, LUNA, and USDC and USDT stablecoins.

LFG purportedly facilitated the purchase via swapping $1 billion worth of UST stablecoin to BTC using Genesis Trading while finalizing the remaining $500 million through an over-the-counter purchase with the aid of Three Arrows Capital.

According to the co-founder of Terra, Do Kwon, the company’s long-term goal as of right now is to raise its reserves to as high as $10 billion by the end of Q3 2022. Although Terra still has a long way to reach that goal, its current holdings alone already put it among the top 10 largest BTC addresses today.

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