Luna Foundation bought $1.6 billion worth of bitcoins and is on track to reach $10 billion
The Luna Foundation Guard (LFG) fund, involved in securing the TerraUSD algorithmic stablecoin, bought $173 million worth of bitcoins over the past weekend. Currently, LFG holds 39.89 thousand BTC worth about $1.67 billion.
Given the fluctuations of cryptocurrencies, the company actively buys them at reduced prices. Thus, last week the fund made a series of cryptocurrency purchases. On April 6, LFG purchased $230 million worth of bitcoins, and on April 8, it invested $200 million in AVAX.
Such a burst of cryptocurrency buying occurs because the LFG reserve is formed to support the TerraUSD stablecoin (UST). The project heads consider BTC the strongest reserve asset, so they seek to "implement the bitcoin standard as part of its monetary policy."
Recall that in mid-March, Do Kwon, founder of Terra, said that LFG plans to invest $10 billion in bitcoins. He wants his company to become the largest bitcoin holder worldwide, surpassing the well-known MicroStrategy.
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