On April 6, onchain data showed that the Luna Foundation Guard (LFG) bitcoin wallet had added 5,040 bitcoin to its reserves. The added funds amounted to approximately $221 million at the time of settlement. LFG managed to buy bitcoins while bitcoin lost 3.9% against the US dollar in the last 24 hours.
LFG buys the dip, acquiring an additional 5,040 bitcoins
The team behind Terra Network (LUNA) and the Singapore-based non-profit Luna Foundation Guard (LFG) continue to accumulate bitcoin. Less than a week ago, Bitcoin.com News reported on the LFG wallet and stated that it contained 30,727.97 BTC.
At the time, the cache was worth over $1.4 billion using the BTC exchange rate of six days ago. For about six days, the LFG bitcoin stock has not seen any additional deposits.
That changed on April 6, when the LFG bitcoin wallet received 2,485 BTC at 6:57 AM (UTC) and continued receiving payments until a total of 5,040 BTC was added. It is noteworthy that LFG’s bitcoin wallet receives dust transactions that are sent to it, as this is common in well-known wallets with large amounts of bitcoin.
After acquiring 5,040 BTC, the LFG wallet now has 35,767.98 BTC worth $1.58 billion at the time of writing. According to a Bitcoin Rich List hosted on bitinfocharts.com, the LFG wallet, which has been tagged as “Luna-LFG,” now ranks 21st in the Bitcoin wallet.
Six days ago, the wallet was ranked 29th by volume. In order for an LFG bitcoin wallet to exceed Tesla’s bitcoin balance sheet, the wallet needs more than 7,135 BTC. Despite this, LFG’s Bitcoin wallet is larger than every BTC vault of any other listed company except Tesla and Microstrategy.
LFG’s portfolio is currently worth half the $3 billion value of BTC Terra founder Do Kwon, who hinted that the project would buy it in March. The project was able to buy BTC while the price of Bitcoin fell by 3.9% in the last 24 hours.
The value of Bitcoin in US dollars fell to as low as $43,388 on Wednesday on the Bitstamp exchange. LFG’s purchase of 5,040 BTC follows Microstrategy’s purchase of 4,167 Bitcoins the day before. Microstrategy’s purchase on Tuesday brought the company’s balance to 129,218 bitcoins.
What do you think about the Luna Foundation Gaurd Bitcoin wallet getting an additional 5,040 coins? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wiki Commons, bitinfocharts.com/bitcoin/wallet/Luna-LFG
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