on April 6th, Terra’s treasury announced the purchase of $230 million worth of bitcoin and further purchase of AVAX worth $200 million on April 8th. These sizable purchases put the Luna Foundation Guard firmly as the nineteenth largest holder of Bitcoin.
This move comes as a bit of a surprise, considering that the Luna Foundation has been relatively quiet on the Bitcoin front. However, given the recent surge in BTC prices and the growing interest in digital assets, it’s not entirely surprising that the Foundation would want to get in on the action.
With these latest purchases, the Foundation Guard is focusing on backing the TerraUSD algorithmic stablecoin. Over the last weekend, the Luna Foundation Guard has gone on to add $173 million worth of bitcoin to its reserves through a series of acquisitions. The Luna Foundation now holds almost 40,000 BTC.
The total quantity of BTC held by the Luna Foundation stands at 39,897.98. At current prices. that’s an approximate worth of $1.7 billion.
The Luna Foundation Guard also added a sizeable chunk of other Altcoins to its UST reserves. Luna announced the purchase of $200 million worth of Avalanche (AVAX).
By purchasing $10 Billion in bitcoin, the Luna Foundation Guard hopes to “open a new monetary era of the Bitcoin standard.”
The announcement sent shockwaves throughout the crypto community and the traditional financial world. The move comes as a vote of confidence in Bitcoin’s future as a store of value and global reserve currency.
With this purchase, the Luna Foundation now holds a total of $11.2 Billion in cryptocurrency assets. This makes the Luna Foundation one of the largest holders of cryptocurrency in the world.
The Luna Foundation is a private foundation that was created in 2017 to promote financial inclusion and economic empowerment. Since its inception, the foundation has been a major proponent of Bitcoin and blockchain technology.
In 2018, the foundation launched the world’s first cryptocurrency debit card. In 2019, the foundation partnered with Blockstream to launch the Liquid Network