Luna Foundation has recently initiated another huge purchase of Bitcoin in the quest to accumulate $10 billion worth of BTC. Its target is to become the second-largest holder of Bitcoin after the anonymous creator, Satoshi Nakamoto.
According to Colin Wu, a popular crypto reporter known on Twitter as Wu Blockchain, Luna Foundation has purchased an additional 4,130 BTC, which brings the Bitcoin holdings of the foundation to 39,897.98 BTC.
Colin Wu tweeted, “According to OKLink, address marked as Luna Foundation (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) added a total of 4130BTC, and the current balance of this address is 39,897.98BTC. The last time LFG accumulated BTC was on April 6th.”
Considering the current price of Bitcoin, the number of BTC currently held by the foundation is worth relatively $1.7 billion.
This implies that Luna Foundation still has to buy more BTC worth $8.3 billion to meet its target of $10 billion and become the second-largest holder of Bitcoin after Satoshi.
It can be recalled that Terra founder Do Kwon said in a tweet a few days ago that the foundation was on the cusp of purchasing $3 billion worth of Bitcoin after announcing that Terra’s major plan is to accumulate $10 billion in BTC.
Kwon tweeted, “It’s not $10 billion today – as UST money supply grows a portion of the seigniorage will go to build BTC reserves bridged to the Terra chai. We have $3 billion funds ready to seed this reserve, but technical infrastructure (bridges etc) is still not ready yet.”
Kwon also told Udi Wertheimer in an interview that it’s safer to establish reserves in Bitcoin (BTC) than any other crypto asset. According to the CEO, Bitcoin will backstop short-term UST redemptions.
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