THELOGICALINDIAN - The Luna Foundation Guard has bought addition 37863 Bitcoin
The Luna Foundation Guard has added to its Bitcoin assets armamentarium with abetment from Genesis Trading and Three Arrows Capital.
LFG Buys Another 37,863 Bitcoin
The Luna Foundation Guard isn’t done accumulating Bitcoin.
The nonprofit organization, which launched this year to balance Terra’s UST stablecoin, announced Thursday that it had acquired addition 37,863 Bitcoin, bringing its absolute affluence in the cardinal one crypto to about 80,394 coins. That makes LFG one of the world’s better Bitcoin “whales” with a backing account aloof beneath $3 billion.
Terra’s development company, Terraform Labs, formed LFG aback in January in a bid to abutment the Terra ecosystem. At the time, Terraform Labs CEO Do Kwon said that the aim was to “continuously abutment the peg adherence of Terra’s stablecoins” and added developments in the Terra ecosystem.
Terra, LFG, and Kwon himself accept taken the spotlight in crypto over the accomplished few months afterwards the foundation committed to accumulating Bitcoin and added assets such as Avalanche’s AVAX to act as a assets armamentarium for UST. On several occasions, Kwon appear that LFG had fabricated a multi-million dollar Bitcoin acquirement to add to the assets fund, at times renewing absorption in the bazaar and helping Terra’s LUNA soar to new highs. Kwon has said that LFG affairs to buy $3 billion account of Bitcoin with a abiding appearance against accumulating a $10 billion accumulation of coins. Kwon has additionally fabricated it bright that he wants to see UST become crypto’s ascendant “decentralized money” stablecoin, aboveboard slamming MakerDAO’s DAI, addition decentralized adversary in the stablecoin market, and proposing a Curve “4pool” that aims to abjure DAI of liquidity.
3AC’s Market Plays
While LFG has been affairs Bitcoin over contempo months, the latest acquirement is notable as it involves two added crypto-native firms. First, it traded $1 billion account of UST for Bitcoin in an over-the-counter bandy with Genesis Trading. It additionally bought $500 actor account of Bitcoin from Three Arrows Capital, a multi-billion dollar crypto barrier armamentarium run by Su Zhu and Kyle Davies. Zhu, who was called as one of Crypto Briefing’s top crypto villains of 2021, is accepted in crypto circles for sharing his bullish takes on Bitcoin and the added market, but today’s advertisement suggests that his close is “dumping” rather than bidding. Still, Three Arrows Capital oversees one of crypto’s better funds, so one $500 actor auction doesn’t necessarily acrylic a account of its all-embracing angle on the market.
The auction isn’t Three Arrows Capital’s aboriginal adjustment with Terra and LFG. In February, the close co-led LFG’s $1 billion LUNA badge sale to advice it body its Bitcoin reserves.
Despite LFG’s adamant buying, its contempo moves accept done little to body bazaar sentiment. Now in its seventh ages of bouldered amount action, Bitcoin took addition dip today, abatement the assets it acquaint Wednesday in the deathwatch of the Federal Reserve’s 50-point absorption amount hike. The top crypto asset is trading aloof aloft $37,000 at columnist time, about 46% abbreviate of its best high.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
