LFG reserves exceed 42,500 BTC

The nonprofit Luna Foundation Guard (LFG) has slowed its pace of Bitcoin purchases after a broad market recovery, according to отчете Arcane Research.

According to analysts, after the final conversion of the earmarked stablecoins, LFG’s reserves will reach 65,000–70,000 BTC. The exact figure will be determined by market conditions.

Analysts did not rule out that Bitcoin’s price move to $48,000 by the end of March was underpinned by the organization buying 21,000 BTC. During the first ten days after the initiative began, more than $100 million was allocated daily to these purposes.

After March 31, the nonprofit returned to purchases only on April 6 and 10. Experts noted that such a tactic allowed reserves to be replenished at lower prices.

At the time of writing, LFG’s reserves were valued at $2.44 billion. 70% (42,530 BTC, $1.71 billion) are held in Bitcoin, with the remaining $550 million in USDT, USDC and LUNA.

LFG was created in January 2022. Its aim is to develop the Terra ecosystem and bolster UST stability. The organization is governed by an independent board of managers, comprising industry experts and leaders of crypto companies, including Terraform Labs founder Do Kwon.

On April 14, 2022, Terraform Labs transferred to LFG an additional 10 million LUNA worth about $880 million.

Earlier, LFG and Terraform Labs announced that invest $200 million in AVAX tokens of the Avalanche project. The goal is to expand reserves and strengthen UST stability.

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