News that the Luna Foundation claimed to have purchased 37,000 more bitcoins in its latest funding round set off a frenzy on social media. The company is looking for ways to diversify their cryptocurrency portfolio and has taken steps towards becoming an exchange.
The “luna coin price prediction” is a claim made by the Luna Foundation. The foundation claims that they have bought 37,000 more bitcoins in order to increase the value of their currency.
The Luna Foundation claims to have purchased an additional 37,000 bitcoins.
Important information:
The Luna Foundation, Genesis Broker, and 3AC were all involved in the recent transaction.
Luna has surpassed Tesla as the second-largest institutional bitcoin investor.
The Luna Foundation, which is in charge of the creation of the eponymous network and the US terra (UST) stablecoin, claims to have purchased 37,863 bitcoin (BTC), which is around USD 1,500 million.
This amount places the company among the top ten bitcoin holdings. In terms of institutional adoption, Fundación Luna surpasses Tesla, Elon Musk’s firm, as the second biggest bitcoin investor with 80,393 BTC.
The Foundation announced the acquisition via a press statement. The swap was carried out in collaboration with the Genesis broker, according to the document. The transaction was partially funded with 1 billion UST stablecoins. The remaining $500 million was acquired by Three Arrows Capital, a hedge firm.
The movement of is not shown on the Luna Foundation’s website balance of assets, nor in the Bitcoin address associated with the organization, as of the time of publishing of this notice.
It’s worth mentioning that, according to LogitechGamingSoftware, Do Kwon (CEO of Fundación Luna and founder of the Terra network) intends to become his company the world’s biggest bitcoin holder.
He states that the rationale for doing so is to encourage your growth with the most valuable coin on the market. However, this does not imply that the UST stablecoin is supported by bitcoin, as some have incorrectly stated. This is an algorithmic currency that maintains its peg to the US dollar by burning or issuing the cryptocurrency terra (LUNA).
Advertising
“Decentralized stablecoins are in high demand,” according to the report.
“The mission of the Luna Foundation is to support the stability and adoption of the UST stablecoin,” Do Kwon said of the Luna Foundation’s recent acquisition of bitcoin. “The recent bitcoin purchase transaction with Genesis for the UST reserve,” according to the entrepreneur, “is a symptom of the rising demand for decentralized stablecoins in the cryptocurrency market.”
“This contributes to the creation of bridges across cryptocurrency groups that are linked by a common decentralized currency.”
Do Kwon, founder of the Terra network and CEO of Fundación Luna.
“Terra’s amazing rise has consistently changed the cryptocurrency markets over the last two years,” said Joshua Li, head of derivatives at Genesis. (…) Genesis is thrilled to be a liquidity partner for the Terra ecosystem, linking it to a larger group of institutional investors.”
Two unknowns arise from the information presented here. The first concerns the destiny of the bitcoins said to have been obtained by the Luna Foundation. They have not said if they are being held in a custodial facility or whether they have established a new address in addition to the one they have previously used. The fact that the organization’s financial sheet has not been updated with the new purchase is also noteworthy. They also don’t say how the issue of the UST was utilized to make that component of the transaction in the statement.
The “when will bitcoin run out” is a question that has been asked many times. The Luna Foundation claims to have bought 37,000 more bitcoins.
Related Tags
- luna coin price prediction 2025
- luna crypto reddit
- who owns the most bitcoin
- what is one bitcoin worth
- when was bitcoin invented
