Bitcoin consolidates near 200-day average as LFG slows rate of cryptocurrency accumulation. reports godbole17
LFG plans to raise $3 billion for its bitcoin reserve
"The foundation had a trading hiatus after Monday's big purchase. It is back today [snapped up 2,942 BTC]," Arcane Research's Vetle Lunde told CoinDesk in a Twitter chat."Last week, LFG sent $125 million worth of USDT across all weekdays and $160 million on Saturday to Jump Trading, who executed the BTC trades quickly thereafter." USDT is the symbol for tether, the world's largest stablecoin by market value.
LFG has accumulated 30,728 BTC worth $1.45 billion, topping the initial target of $1 billion. The foundation'snow has stablecoins worth $848 million, which can be used to fund further BTC purchases. It could get an additional $800 million by converting its UST holdings to tether.
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