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Benzinga
Benzinga
Business
Samyuktha Sriram

LFG Surpasses Tesla To Become Second Largest Corporate Bitcoin Holder

The Luna Foundation Guard (LFG) now holds $3.5 billion worth of Bitcoin (CRYPTO: BTC) for its stablecoin reserves.

What Happened: LFG acquired another 37,863 BTC worth $1.5 billion in OTC swaps from Genesis Trading and Three Arrows Capital.

LFG is now one of the top 10 holders of Bitcoin in the world. With 80,394 BTC worth over $3.5 billion, LFG currently holds more Bitcoin than Tesla Inc (NASDAQ:TSLA). At the time of writing, MicroStrategy Inc. (NASDAQ:MSTR) is the only corporate entity that holds more BTC than LFG.

Do Kwon, the founder of Terraform Labs and the Terra (CRYPTO: LUNA) blockchain, said LFG plans to acquire $10 billion worth of BTC for its reserves.

“For the first time, you’re starting to see a pegged currency that is attempting to observe the bitcoin standard,” Do Kwon told CNBC.

“It’s making a strong directional bet that keeping a lot of those foreign reserves in the form of a digital native currency is going to be a winning recipe.”

The price of LUNA rallied to an all-time high of $119.18 last month. According to data from Benzinga Pro, LUNA was currently trading at $80.61, down 6.44% over the last 24 hours.

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