Terra Buys Another $176 Million in Bitcoin

AnalysisTerra Buys Another $176 Million in Bitcoin



Alex Dovbnya

Luna Foundation Guard has purchased another $176 million worth of Bitcoin

Luna Foundation Guard (LFG), a Singapore-based non-profit organization focused on boosting the Terra blockchain, has snapped up another $176 million worth of Bitcoin earlier this Sunday.

LFG now holds roughly $1.7 billion in the largest cryptocurrency. The massive Bitcoin stash is meant to prop up the native UST stablecoin, making it easier for it to maintain its dollar peg during extreme market volatility.

The most recent purchase had little impact on the Bitcoin price. The cryptocurrency is up by a mere 1.43% over the past 24 hours.

LFG’s Bitcoin buying spree started in late February after it held a $1 billion sale of its LUNA token in order to build a stablecoin reserve denominated in the world’s largest cryptocurrency.     

Terra founder Do Won tweeted that Terra intended to buy up to $10 billion worth of Bitcoin in order to become the single biggest holder of the top cryptocurrency.

As reported by U.Today, LFG also bought $100 million worth of Avalanche (AVAX) tokens earlier this week, moving beyond Bitcoin.



Learn more

Latest news

Bio-engineering firm touts plan to ‘de-extinct’ dodo bird

A genetic engineering company has bold plans to “de-extinct” and “re-wild” the dodo bird — centuries after the...

Wormhole Wins Vote to Be Uniswap’s Designated Bridge to BNB Chain

Uniswap aims to deploy its V3 decentralized exchange on BNB Chain before its business source license expires on...

Meta Stock Picking Itself Up; Will Earnings Push It Higher?

Meta Platforms (META) will announce its fourth quarter earnings results today after the market closes. Also today, the...

Yamana Gold’s $4.8 Billion Takeover Wins Backing from Investors

(Bloomberg) -- The biggest gold acquisition in nearly a year is a step closer to reality after investors...

Fixing Water Systems In East Africa Before Problems Get Out Of Hand

When we last met Sarah Evans and Kathryn Bergmann, they were in the early days of running their...

XRP Price Analysis for January 31

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It...

Must read

Bio-engineering firm touts plan to ‘de-extinct’ dodo bird

A genetic engineering company has bold plans to...

Wormhole Wins Vote to Be Uniswap’s Designated Bridge to BNB Chain

Uniswap aims to deploy its V3 decentralized exchange...

Meta Stock Picking Itself Up; Will Earnings Push It Higher?

Meta Platforms (META) will announce its fourth quarter...

You might also likeRELATED
Recommended to you