Do Kwon, the founder of Luna stablecoin, purchased almost 4,000 bitcoin this weekend, totalling about $170 million.
On April 6th, his bitcoin address had 35,767 BTC. It has now reached 39,897, valued at $1.6 billion.
The purchase may have been timed to coincide with Sunday’s bitcoin price rise of over $43K.
This has decreased to roughly $41K after the Nasdaq fell 1.7% on Monday.
Something may have prompted Do Kwon to transfer another $100 million to Binance, with additional bitcoin purchases expected while he holds $460 million in dollar tokens.
Luna is far from the only organisation that has bitcoin in its treasury reserves to stabilise its UST dollar token.
Bitcoin treasury reserves, April 2022. Source: Trustnodes
Bitcoin stock traded products currently possess a whopping 1.5 million BTC, up from a bloomy amount before 2020.
Times have changed, as public firms have 220K BTC, while private companies control close to 400K BTC.
There are possibly more entities such as Tether, which is said to have bitcoin in reserve, albeit the quantity is not disclosed.
Additionally, some Defi products that use bitcoin as collateral have around 20% of bitcoin’s circulation supply presently kept in treasury reserves.