Luna Foundation Guard adds 37,863 BTC worth $1.5 billion

The non-profit Luna Foundation Guard (LFG) has added 37,863 BTC for a total of about $1.5 billion. The deal was conducted on the over-the-counter market, with Genesis Global Trading and Three Arrows Capital acting as intermediaries.

1/ The LFG has acquired an additional 37,863 Bitcoins totaling ~$1.5 billion in OTC swaps with @GenesisTrading and 3AC. https://t.co/Ezzfwl7VFn

— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022

LFG swapped 1 million UST for bitcoins worth $1 billion through Genesis Global Trading and purchased $500 million of cryptocurrency from Three Arrows Capital. The average purchase price of the assets was $39,616.

In total, the organization holds 80,394 BTC (about $2.98 billion at the current rate). According to LFG’s own data, it has entered the top 10 largest holders of Bitcoin.

3/ The deals push the LFG into one of the top 10 holders of BTC.https://t.co/hkthpEsDAW

The acquired BTC will be updated in the LFG dashboard below to reflect the additions accordingly. https://t.co/IKQmFhPNdE

— LFG | Luna Foundation Guard (@LFG_org) May 5, 2022

On May 5, the price of digital gold nearly reached the $36 500 level. According to CoinGecko, Bitcoin is trading near $37,000 at the time of writing, well below the price at which LFG purchased the cryptocurrency. 

As previously reported, Terraform Labs founder Do Kwon said that to sustainably back the stablecoin UST a reserve Bitcoin fund totaling $10 billion is needed.