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Jafrin Ahmed
Mar 28, 2022
by Jafrin Ahmed

Luna Foundation Acquired Over 1.1B Worth of Bitcoin (BTC)

luna btc
The Luna Foundation reportedly deposited approximately 24,955 BTC for its programmable stablecoin reserves, worth approximately $1.1 billion.

Do Kwon, co-founder and CEO at Terraform Labs is following up on its commitment to accumulate $10 billion worth of Bitcoin (BTC) to add to the project’s stablecoin reserves. With an accumulation worth $1.1 billion, another $8.9 billion BTC purchase will soon be added in the long term.

According to data from Bit Info Charts, the wallet address has been accumulating Bitcoin since January, and currently stands at the 33rd richest Bitcoin wallet list. The wallet address is doing 9 transactions per day while a maximum of 29 transactions per week with a total of 42 transactions till now, data from OKLink indicates.

Investing in Bitcoin to Ensure UST'S Stability

Earlier, Terra posted a proposal on how Luna Foundation Guard can deploy its BTC reserve on-chain in a reserve model which will defend UST amid downward pressure.

The foundation recently shared plans to purchase a large amount of BTC at the pace of $125 million per day. While the total volume of purchased funds is not being disclosed, it will most likely be close to $2.2 billion.

Meanwhile, Bitcoin is also up by 5.7% in the last 24 hours trading at a price of $47,068.

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Luna Foundation Acquired Over 1.1B Worth of Bitcoin (BTC)
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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