Luna Foundation Bought $176M Bitcoin, $200M Avalanche Over The Weekend

The Luna Foundation Guard (LFG), an entity that supports the Terra (CRYPTO: LUNA) blockchain, acquired $176 million worth of Bitcoin (CRYPTO: BTC) on Sunday.

What Happened: On-chain data shows that the LFG transferred 4,130 BTC worth $176.1 million in a series of four transactions.

The entity now holds 39,897.98 BTC worth $1.7 billion at current prices.

LFG has been on a Bitcoin buying spree over the past few weeks with the goal of building reserves to convert its algorithmic stablecoin Terra USD (CRYPTO: UST) into one that is backed by Bitcoin.

On April 8, LFG moved to expand its stablecoin reserve beyond Bitcoin, by acquiring $200 million worth of Avalanche (CRYPTO: AVAX) tokens through an over-the-counter (OTC) trade with the Avalanche Foundation.

“The LFG’s OTC deal to add $100 million of AVAX the UST Reserve makes AVAX the first major crypto-asset besides BTC to be added to the UST Reserve, marking the beginning of a diversified and non-correlated asset pool supporting the UST peg,” stated Terra on Twitter.

Terra also swapped $100 million LUNA for AVAX tokens in a separate Treasury Swap to “demonstrate its commitment to Avalanche.”

4/ The partnership will also provide distinct benefits to the Avalanche ecosystem at large, by connecting the #LUNAtics & Terra builders with the vibrant Avalanche ecosystem, ushering in an immersive cross-chain experience.

— Terra (UST)  Powered by LUNA  (@terra_money) April 7, 2022

Price Action: According to data from Benzinga Pro, at the time of writing BTC was trading at $42,300, down 1.03% in the last 24 hours. LUNA was trading at $88, down 6.9% and AVAX was trading at $79, down 4.96% over the same period.