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Luna Foundation Boosts Bitcoin Holdings With $277-M Purchase

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golden coins with bitcoin, on wood background.

Non-profit organization, Luna Foundation Guard on Wednesday, purchased $227-million worth of Bitcoin, marking its comeback to the cryptocurrency space.

Source: Bitaps

BTC is down 3.80%, while UST is up 0.11%.

LFG acquired 5,040 Bitcoin in its first significant purchase since March 30. This includes the acquisition of about $125-million worth of Bitcoin daily from March 22 to March 25 and $160-million worth on March 26.

The confirmed Bitcoin address of LFG showed that the latest purchases brought its total Bitcoin holdings to 35,768 BTC, equivalent to $1.6 billion based on the current market price.

The organization in February said it raised $1 billion through an over-the-counter sale in a bid to boost its Bitcoin reserve as stronger security for stablecoin UST. The reserve was hiked to $3 billion in March, with plans to boost this to $10 billion.

The purchase comes as Bitcoin has been hit by macro jitters, giving LFG an opportunity to take advantage of lower prices.

 

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