Luna Foundation invested $176 million in Bitcoin

12.04.2022 17:17
by Artem Ustinov
1 min read

Luna Foundation invested $176 million in Bitcoin

The non-profit organization Luna Foundation, as part of its program to create a reserve to support its own algorithmic stablecoin, has acquired 4,000 bitcoins.

Luna Foundation Guard purchased 4,000 BTC worth more than $176 million at an average price of around $42,600 per coin. Thus, the reserves of the Luna Foundation reached 40,000 BTC, which is about $1.675 billion.

Terraform Labs is increasing the reserves for its algorithmic stablecoin UST. At the end of last month, the company purchased $139 million worth of bitcoins, increasing the amount of the reserve to $1.45 billion.

Terraform Labs intends to buy bitcoins for a total of $10 billion. However, he later clarified that the firm will continue to invest in BTC even after $10 billion in reserves are created.

Author

  • Crypto analyst and practitioner trader with the law and managerial education. Active investor and crypto enthusiast. Worked as an analyst and copywriter in a brokerage company. Accompanied by DAO and NFT projects of different levels of complexity.

Trending news

Subscribe and be in touch
Click here