NewsTerra (LUNA) Takes Advantage of Bitcoin's Price Drop to...

Terra (LUNA) Takes Advantage of Bitcoin’s Price Drop to Buy Even More

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  • Luna Foundation Guard now holds nearly 39,897 BTC, worth about $1.7 billion.
  • LFG plans to raise $10 billion in BTC.
  • It also has AVAX in its reserves, buying $200 million in early April.

The Luna Foundation Guard (LFG) has increased its Bitcoin holdings, with a recent purchase now bringing its holdings of BTC to a total value of almost $1.7 billion.

LFG now holds Bitcoin worth nearly $1.7 billion, according to blockchain data, or about 39,897 BTC. The foundation’s goal is to raise $10 billion in BTC, a goal it could easily achieve this year.

Earlier this month, it bought BTC and AVAX worth more than $400 million. While the price of Bitcoin was unaffected, AVAX rose nearly 10% after the LFG purchase.

The LUNA token reached an all-time high in late March, at the time LFG was increasing its purchases of BTC.

LUNA, Terraform Labs and LFG have often been in the news since the beginning of the year, though not always for the right reasons. The crypto community has a somewhat divided view of the project, though that hasn’t stopped the price from rising.

That said Terraform Labs CEO Do Kwon expects the company to become the largest holder of Bitcoin since Satoshi Nakamoto.

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