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Luna Foundation Buys $100 Million Worth of Bitcoin

Luna Foundation Buys $100 Million Worth of Bitcoin

Apr 15, 2022
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The group is now only 495 BTC away from Elon Musk’s Tesla’s balance.

The Luna Foundation Group (LFG) purchased another batch of bitcoin this Wednesday, which adds to the non-profit’s bitcoin reserves that are meant to act as a protective shield around UST, the Terra network’s stablecoin. On April 15th, the group had therefore bought another 2,508.94 BTC, with a worth of around $99,914,000 using the exchange rates at the time of the settlement. The LFG bitcoin wallet  now holds 42,406.92 BTC, with an estimated worth of $1.79 billion.

The LFG wallet is the 18th largest bitcoin wallet today, according to a recently published list, with the wallet having seen a total of 68 transactions. As a result the Luna Foundation’s bitcoin wallet is close to surpassing electric automotive company Tesla’s stash of 42,902 BTC. LFG therefore needs to amass another 495.08 BTC in order to overtake Elon Musk’s company.

When speaking in terms of private companies with bitcoin treasuries, Luna Foundation’s wallet is only below’s (a blockchain software company dedicated to the EOS network) overall stash of 140,000 bitcoin. Were it to surpass Tesla, LFG would instead only be behind Microstrategy’s amassed 125,051 BTC in terms of public companies.

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