Terra’s LFG Pool Adds $170 Million Worth of Bitcoin at $42,600
The Luna Foundation Guard (LFG) pool has bought Bitcoin yet again. The pool currently holds almost 40,000 BTC, worth some $1.675 billion at the time of this writing.
- Luna’s LFG pool has added another batch of Bitcoin to its stash – over 4,000 BTC, to be precise, which is worth some $176 million at the time of this writing.
- The purchase was made at an average price of around $42,590.
- With this, Terra’s total BTC holdings currently stand at 39,897 and are worth roughly $1,675 billion.
- As CryptoPotato reported earlier, Terra started buying BTC back in march as parts of increasing its reserves for their algorithmic stablecoin – UST.
- Do Kwon, Co-Founder, and CEO at Terraform Labs – the company building the Terra protocol and ecosystem – revealed back at the time that they intend to buy a total of $10 billion worth of BTC.
- Later on, however, he said that they intend to keep buying once the initial $10B has been deployed.
- At the time of this writing, bitcoin’s price is trading at around $42,000 – down 2.1% over the past 24 hours.
- The cryptocurrency paints a 10% decline in the last week, dragging the broader market with it as the total capitalization is plunging toward $2 trillion.
