Do Kwon, Terra founder and CEO, tweeted that the Luna Foundation Guard (LFG) added $230 million worth of BTC to the reserves designed to back UST, Terra’s dollar-pegged algorithmic stablecoin. Today’s transactions total 5040 BTC, bringing the balance to over 35,767 BTC, or over $1.6 billion.
A few days ago, Do Kwon told Bloomberg that he expected Bitcoin to get even more liquid over time, confirming his bullish sentiment about the strategy. According to Blockchair’s data, the wallet the LFG had recently confirmed it used to collect their reserves has never spent a single satoshi.
Terra’s total value locked (TVL) recently hit $31 billion, up 69% since the start of the year, and the price of LUNA went up 43.9% in the last month alone.