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

Canadian Digital Asset Brokerages Coinsquare and CoinSmart to Merge

At closing, CoinSmart is set to receive $2.2 million (CAD $3 million) in cash along with the issuance...

Shiba Inu Fashion Event Coming to Italy

Alex Dovbnya The special Shiba Inu-inspired event will be showcased in the coming days, according to John Richmond Italian...

Elon Musk opening up Starlink in Iran

SpaceX founder Elon Musk appeared to confirm Friday that he will make Starlink available in Iran. Musk replied “Activating Starlink...

Mike Novogratz Says Case for Bitcoin Is “Playing Out Every Day” As Price Plunges

Alex Dovbnya Mike Novogratz continues to see a strong bullish case for Bitcoin as many fiat currencies keep losing...

Bitcoin Miner Cipher Looks to Sell Up to $250M in Stock

Investment bank H.C. Wainwright will be handling the transaction. Learn more

Must read

Canadian Digital Asset Brokerages Coinsquare and CoinSmart to Merge

At closing, CoinSmart is set to receive $2.2...

Shiba Inu Fashion Event Coming to Italy

Alex Dovbnya The special Shiba Inu-inspired event will be...

You might also likeRELATED
Recommended to you