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Luna Foundation Guard Holds Almost 40,000 BTC After Weekend Purchase
Luna Foundation Guard bought $173 million worth of bitcoin over the weekend, but bitcoin is down 2%.
The Luna Foundation Guard (LFG), a Singaporean entity that is establishing a reserve protocol for the algorithmic stablecoin UST, added $173 million in bitcoin (BTC) to its wallet over the weekend via a series of buys.
- LFG now has 39,897.98 bitcoin in its wallet, worth approximately $1.67 billion.
- During the past week, the LFG has made a series of digital asset buys: It purchased $230 million of bitcoin on April 6 and $200 million in AVAX on April 8.
- Terra’s founder Do Kwon has previously said that the foundation plans to acquire $10 billion in bitcoin to “open a new monetary era of the bitcoin standard.”
- The price of bitcoin didn’t seem to move on the news, as it's down approximately 2% in the last 24 hours to $42,037 according to CoinDesk market data.
STORY CONTINUES BELOW
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
