Luna Foundation Guard Increases BTC Reserves by 5,040 as Price Retreats

Luna Foundation Guard Increases BTC

Luna Foundation Guard has bought 5,040 bitcoins worth $227 million for UST reserves to bring its total holdings to 35,768 BTC as the token faces selloff.

The additional tokens were made at a price of around $45,100 as the token trades lower from last week’s high of about $48,000. 

The bearish sentiment was caused by hints from the US federal reserve about measures to control inflation, including cutting balance sheet spending.

LFG has bought around $125 million in bitcoins each day between March 22 and March 25, setting aside $160 million on March 26.

The entity said in February that it had collected $1 billion in an over-the-counter sale to boost the reserves as an added security aspect of UST stablecoin.

The pool jumped in value to $3b billion in March when Terraform Labs founder and CEO Do Kwon announced plans to work towards having $10 billion worth of BTC in reserves.

Luna Foundation Guard is a not-for-profit entity that works to create reserves backing Terra’s dollar-pegged UST.

Source: Bitaps 

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