Third Largest Bitcoin holder, LFG, gifted 10 Million LUNA Amidst Shaky Market

Saif Naqvi
Bitcoin, LUNA
Source: Unsplash

The third-largest corporate Bitcoin holder in the world, Luna Foundation Guard, has received an additional 10 Million LUNA tokens from Terraform Labs. Experts suggest that the funds could be used to build a larger BTC stash under LFG’s planned acquisition of $10 Billion worth of Bitcoins.

The Luna Foundation Guard, a non-profit organization behind Terra’s algorithmic stablecoin protocol UST, received an additional 10 Million LUNA tokens, valued at around $880 Million, from the developer of Terra’s blockchain, Terraform Labs.

Although it remains unclear as to how the Terra-linked organization plans of utilizing the funds, many believe that the cash injection could be used to buy more Bitcoin under Do Kwon’s latest BTC direction.

In a prodigious announcement, Terra founder Do Kwon revealed plans to acquire $10 Billion worth of Bitcoin to back the project’s stablecoin [UST] reserves, showing faith in the king coin’s ability to keep growing in value.

After the latest LUNA transfer, the Luna Foundation Guard added another 123 BTC to its reserve. The LFG address now holds over around 42,530 Bitcoins, valued close to $2 Billion. Its current BTC stash makes Terra the third-largest corporate holder of Bitcoin in the world, preceded by Elon Musk’s Tesla and Michael J. Saylor’s MicroStrategy.

Bitcoin Price Suffers In April

Source: TradingView

Although Terra is buying into the Bitcoin dip, it has not yet realized a profit on its investment. Bitcoin’s price has slipped below important price levels throughout April and was currently fighting to maintain ground around $40K. The last significant price increase occurred nearly three weeks ago but a downtrend has taken over since.

As a result, LUNA’s price has declined by as much as 32% in the last 10 days, erasing over $30 Billion from its total market cap. At press time, LUNA was trading at $81.7, down by 7% over the last 24 hours following another minor Bitcoin correction.