The Terra Foundation Gaurd LFG is on a Bitcoin (BTC) buying spree. LFG’s bitcoin address shows that it bought an additional $228.5 million worth 5040 BTC in a day. Earlier, Wu Blockchain reported that the foundation has transferred $231.4 million USDT to Binance. This accumulation has resulted in total holdings of 35,768 BTC. The world’s largest cryptocurrency is down by almost 3% in the last 24 hours.
LFG holds $1.62B worth of BTC
According to reports, Terra first bought 1,479 and 2,485 BTC in the first two transactions. The additional two transactions of acquiring 586 and 490 BTC later, took the LFG’s Bitcoin holding above the 35,000 landmark. The foundation holds $1.62 Billion worth of BTC in the reserve.
The Luna Foundation Guard’s wallet has done 59 transactions in total to acquire their total BTC holdings. The biggest single transaction has been of 8,588 Bitcoins. Meanwhile, the max transactions recorded in a day were 9, on the other hand, the highest 29 transactions were done in a week.
With this momentum, Do Kwon’s mission to buy $10 Billion in Bitcoin will be completed soon. However, he aims to buy an initial $3 billion worth of BTC, the remaining reserve will be filed by using profits made by issuing a currency or seigniorage.
In a race to make $10B BTC reserve
On 14th March, Kwon announced the creation of the $10 Billion Bitcoin reserve. He also informed that they have $3 billion of funds ready to seed this reserve. On March 21, LFG made its first purchase. Its been only 16 days now that the foundation has added over $1.62 billion worth of BTC.
However, it is a good day to buy Bitcoin as the coin is down by around 3%. Seems like LFG has bought a dip. Bitcoin is trading at an average price of $45,330. Its 24 hour trading volume of $35,222,170,279 has seen a surge of 15%. BTC still leads the cryptocurrency with an $861 billion market cap.
Terra Luna is marginally down by 0.35% in the last 24 hours. It is trading at an average price of $114.8. The coin has become the 7th largest cryptocurrency by overtaking Ripple’s XRP with a market cap of over $40 billion.