Luna’s founder Do Kwon has just bought another $125 million worth of bitcoin to use as reserves for the UST dollar stablecoin.
Blockchain data shows the transfer was made at 11AM UTC after a two weeks long pause with a further $125 million bought on Tuesday.
On the other end, the blockchain address shows they now have 42,500 bitcoins, worth $1.7 billion.
That’s up by 7,000 bitcoin since April sixth when they paused purchases, worth circa $280 million.
Which means the $125 million bitcoin has already been bought, with the transfer today being to fund the account so that they can buy another $125 million, which will then make its way to the bitcoin address.
There isn’t much left to buy however with their ethereum address showing just $300 million of mainly USDc now left.
The Luna project aims to continue using some of the UST income they receive from seigniorage fees to buy bitcoin, but the big bootstrapping does not have much left to go as Do Kwon keeps buying through dips and mini-bulls.
