Luna Foundation Overtakes Tesla’s Bitcoin Holdings After $1.5 Billon Crypto Buy
The Luna Foundation Guard has become the second-largest corporate holder of BTC, overtaking Tesla Inc on Friday.
The nonprofit organization closed a $1.5 billion over-the-counter (OTC) purchase of 37,863 BTC.
With the latest purchase, LFG has more than $3 billion worth of Bitcoin, slightly more Tesla’s $1.7 billion worth.
The Luna Foundation Guard (LFG) has announced the purchase of 37,863 BTC for $1.5 billion. The latest purchase has seen the organization surpass Tesla Inc as the second-largest corporate holder of BTC.
LFG, a non-profit organization focused on developing the Terra ecosystem, received funding to facilitate its latest crypto purchase.
The funding round was led by digital currency prime broker, Genesis. Three Arrows Capital (3AC), a top crypto hedge fund) also contributed as LFG purchased $500 million worth of BTC through it.
Before its latest crypto purchase, LFG held 42,530 BTC worth over $1.6 billion in its wallet. That was slightly short of Tesla’s $1.7 billion BTC holding.
This purchase of 37,863 BTC on Friday means that the foundation now holds more than $3 billion worth of the flagship cryptocurrency.
It will be recalled that the Luna Foundation promised to buy $3 billion worth of BTC in the short term, and $10 billion worth in total, to back its UST stablecoin.
The purchase will be used by the LFG to strengthen the UST Forex Reserve backing the Terra ecosystem stablecoin.
At the moment, MicroStrategy is the only corporate institution with more Bitcoin than the LUNA Foundation Guard. With a total of 80,394 BTC valued at over $3.1 billion, LFG is among the top 10 Bitcoin holders in the world.