Do Kwon Buys 4,000 Bitcoin, Another $100 Million Transferred – Trustnodes
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The founder of Luna stablecoin, Do Kwon, bought more than 4,000 bitcoin this weekend, worth close to $170 million.
His bitcoin address had 35,767 BTC on April 6th. It’s now up to 39,897, worth $1.6 billion.
The purchase may have coincided with a bitcoin price spike above $43,000 on Sunday.
That has dipped however, down to $40,800 as Nasdaq went red by 1.7% this Monday.
Something that may have spurred Do Kwon to send another $100 million to Binance just now with more bitcoin buys coming while he still holds $460 million in dollar tokens.
Luna is far from being the only entity to hold bitcoin in their treasury reserves, in this case to stabilize their UST dollar token.
Bitcoin stock traded products now hold a fairly incredible 1.5 million BTC, up from a very negligible amount prior to 2020.
Public companies hold 220,000 bitcoin, while private companies have close to 400,000 BTC in a sign of the changing times.
There’s entities probably missing here as well. Something like Tether is thought to hold bitcoin in reserves, though the amount is unknown.
There’s also defi products where bitcoin is used as collateral, with circa 20% of bitcoin’s circulating supply now held as treasury reserves.
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