Luna is back to buying bitcoin with a bigger purchase than usual performed earlier today after a pause.
Blockchain data shows the Luna Foundation Guard Reserve Wallet transferred 231,400,000 USDt from ethereum to Binance.
The bitcoin blockchain shows that coming out at the other end with 5,040 bitcoin, worth about $230 million, added to their address.
They now have 35,767 bitcoin, worth $1.6 billion. That was at 18,000 BTC on March 24th. So some 17,000 bitcoin, worth about $800 million, has been bought by Luna in the past two weeks.
“Today I watered my plants, wrote some emails, bought 230M in $BTC, vacuumed the house, had some mcdonalds, now off to walk the dog,” Do Kwon said.
Luna’s founder Do Kwon (pictured) has announced the aim is to stabilize Luna’s UST, a dollar stablecoin, through bitcoin with the project aiming to buy as much as $10 billion worth of BTC.
That’s in two stages. The current on-goin bootstrapping stage of $3 billion bitcoin, and then a continuous stage where seigniorage on UST is used to buy BTC.
Their ethereum address still has about $600 million left to buy, bringing the total to $2.2 billion with another circa $800 million left to complete that $3 billion target.
Source: https://www.trustnodes.com/2022/04/06/do-kwon-buys-230-million-bitcoin