LFG Second Largest Corporate BTC Holder After Huge OTC Purchase
2022.05.06 19:21
LFG Second Largest Corporate BTC Holder After Huge OTC Purchase
- LFG recently turned heads after a $1.5 billion over-the-counter (OTC) purchase of 37,863 Bitcoin.
- 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) is a non-profit organization that aims to develop the Terra ecosystem. LFG recently turned heads after a $1.5 billion over-the-counter (OTC) purchase of 37,863 Bitcoin. This means LFG is now the second-largest corporate holder of BTC, surpassing the previous title holder: Tesla (NASDAQ:TSLA).
Before the monumental purchase, LFG held around 42,530 BTC which is currently worth over $1.6 billion. Tesla, on the other hand, holds 43,200 BTC which is currently estimated to be valued at $1.7 billion.
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.”
The $1 billion BTC acquisition was facilitated by the well-known cryptocurrency broker, Genesis, through an OTC swap of UST Stablecoin for BTC. This transaction made history as it is the first of its kind of this magnitude. The remaining $500 million was obtained through the leading cryptocurrency hedge fund, Three Arrows Capital (3AC).
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. This puts LFG among the top 10 Bitcoin holders in the world.
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