The Luna Foundation Guard (LFG) has added $1.5 billion in bitcoin to further bolster Terra Luna’s algorithmic stablecoin reserves with the support of Genesis Trading and Three Arrows Capital.
LFG, the Terra-supporting NGO, stated on Thursday that it had completed a $1.5 billion UST for bitcoin over-the-counter exchange with broker Genesis Trading, as well as a separate acquisition from Three Arrows Capital.
The agreement involved a $1 billion over-the-counter swap with Genesis in exchange for $1 billion in UST and a $500 million BTC buy from Three Arrows Capital according to the Non-profit organization.
The average price of the acquisitions was not disclosed, but they got 37,863 BTC, which works out to almost $39,616 per BTC. LFG now possesses nearly $3.5 billion in BTC, placing it among the top ten holders worldwide.
Luna Foundation Guard is getting closer to its goal of amassing up to $10 billion in Bitcoin to back algorithmic stablecoin U.S. Terra, also known as UST, with this latest purchase.
The LUNA Foundation Guard (LFG) plans to boost its Bitcoin reserves to $3 billion, with a long-term objective of $10 billion, which has led to a surge in UST demand.
UST has become the most popular algorithmic stablecoin, with a market valuation of approximately $18.6 billion according to CoinMarketCap. Only Tether (USDT) and USD Coin (USDC) have a bigger circulating supply and market value.