After a hefty OTC buy, LFG is now the second-largest corporate BTC holder.

  • LFG recently made headlines when it purchased 37,863 Bitcoin for $1.5 billion over-the-counter (OTC).
  • To get to their $10 billion Bitcoin objective, they’ll need to buy an additional 37,863 BTC.
  • After LFG’s most recent BTC acquisition, its Bitcoin reserves number about 80,394 BTC, which is presently worth $3.1 billion.

The Luna Foundation Guard (LFG) is a non-profit organization dedicated to the development of the Terra biosphere and its inhabitants. LFG recently made headlines when it purchased 37,863 bitcoin for $1.5 billion in an over-the-counter (OTC) transaction. Because LFG now owns more bitcoins (BTC) than Tesla did, this means that LFG is now the second-largest corporate owner of bitcoins.

Before making the historic acquisition, LFG owned around 42,530 BTC, which is presently worth over $1.6 billion. Tesla, on the other hand, has 43,200 bitcoins, which are presently worth $1.7 billion.

This move by LFG puts them one step closer to their goal of collecting $10 billion worth of Bitcoin to help the United States Forex Reserve, which backs Terra ecosystem stablecoins, by the end of the year. They bought 37,863 Bitcoins.

Do Kwon, CEO of Terraform Labs and a member of the LDF Governing Council, said that “the LFG’s goal is to help the stability and acceptance of the UST stable coin.” The LFG is getting BTC from Genesis for the UST Forex Reserve.

An OTC exchange of UST Stablecoin for Bitcoin, brokered by the well-known cryptocurrency broker, Genesis, resulted in the purchase of $1 billion BTC for the company. This transaction created history since it was the first of its sort on this scale to take place in the world. Three Arrows Capital, a well-known cryptocurrency hedge fund, took care of the rest of the money.

A statement from Genesis’s Head of Derivatives, Joshua Lim, indicated that the company was “eager” to be a liquidity partner to the Terra ecosystem, linking it to a wider audience of institutional investors.

Following LFG’s most recent Bitcoin acquisition, the company’s Bitcoin holdings have grown to around 80,394 BTC, which is presently worth $3.1 billion. According to CoinMarketCap, LFG now ranks among the top ten Bitcoin holders in the world.

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