Do Kwon has assumed a controversial reputation in the cryptocurrency sector after his unsavory encounter with the Securities and Exchange Commission of the United States. His blockchain organization Luna recently reported a massive Bitcoin purchase officially. Luna Foundation Guard Reserve Wallet made a massive transfer of 231,400,000 USDT tokens.
According to the on-chain data analytics, Luna Foundation used Binance to make the transaction, and the company used the Ethereum blockchain to make the USDT purchase. An analysis of the Bitcoin blockchain indicates that around 5K Bitcoins were sent to the same digital wallet address shortly after the massive USDT transaction.
According to careful estimation, Luna Foundation Guard now holds around 35.7K Bitcoins in their digital currency reserves. Until last month, the company held only 18K Bitcoins. However, during the last 14 days, the company has made roughly $800 million of investment in Bitcoin. Luna Foundation purchased around 17K additional BTC units in the last two weeks.
Talking about his decision to make the massive purchases, Do Kwon shared that he went by his day as usual and casually made a purchase of $230 million in Bitcoin without any lengthy financial procedures or waiting. He presented the idea for the companies who are trying to invest in stocks or apply for a loan in the existing financial system that requires a considerable amount of hassle and manpower.
Luna Foundation Founder Says He will Buy More Bitcoin
Luna Foundation Guard CEO Do Kwon recently told the media that he is planning to strengthen and stabilize the financial reserve that backs the stablecoin token UST, native to LUNA. The CEO also claimed that he has been planning to purchase as much as $10 billion worth of Bitcoin eventually. Kwon plans to bootstrap $3 billion in Bitcoin purchases in the first acquisition stage.
For the final and next phase, the LUNA foundation CEO plans to purchase more Bitcoin using the profits generated from seigniorage on UST stablecoin. The digital address of Luna Foundation registered on the Ethereum network is currently short of $1400 million in Bitcoin purchases to achieve a $3 billion goal.