The Luna Foundation Guard (LFG) has procured more than $1.4 billion in Bitcoin (BTC). According to reports, the hefty acquisition is for use as a reserve for the Terra (LUNA) protocol’s UST stablecoin. However, it remains unclear how the prominent crypto will be wrapped for use by the protocol.
Eagle-eyed blockchain observers confirmed the purchase by locating LFG’S BTC address. Shortly afterward, the nonprofit organization itself confirmed the purchase via a Twitter statement to its official Twitter account, which read:
“The @LFG_orgnow #hodl 30,727.98 #Bitcoin at a total balance of $1,440,887,815.18 USD in the Bitcoin Underlying Strategic Strategy Yolk or BUSSY Reserve.”
The message clearly revealed that LFG’s BTC address bought a substantial amount of BTC tokens in excess of 30,000. Furthermore, according to CryptoGlobe, the organization already had over $2 billion in generated funds just for the BTC procurement.
Founder and Chief Executive Officer of Terraform Labs, Do Kwon, had suggested before the recent development that Terra Protocol will be a leading BTC holder. With the latest $1.4 billion worth of BTC in the bag, the project now has its sights set on its $10 billion BTC target. As of press time, LUNA is currently trading at $104.81.
Image Credits: Pixabay
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