Luna Foundation Guard's Bitcoin reserve topped 24,954 BTC

Luna Foundation Guard’s identified Bitcoin reserve address received 3,631.89 BTC on March 26, 2022, lifting its displayed balance to 24,954.9595474 BTC. The five incoming transfers were confirmed between 04:18:25 and 05:18:36 UTC in Bitcoin blocks 729048, 729049, 729050, 729056 and 729060.

That was a consequential step in Terra’s attempt to place bitcoin behind UST, its dollar-targeting algorithmic stablecoin. It also created an unusually visible link between a fast-growing stablecoin system and Bitcoin’s market liquidity. The blockchain establishes that the address received the coins; it does not, by itself, establish the off-chain trade terms, counterparties or acquisition cost.

What the ledger showed

The address’s displayed balance immediately before the March 26 sequence was 21,323.0595474 BTC. Its March 26 receipts were 499 BTC, 498 BTC, 1,982 BTC, 159.89 BTC and 493 BTC. Adding those entries produces 3,631.89 BTC, a 17.03% increase from the pre-sequence balance, and reconciles to the resulting 24,954.9595474 BTC balance.

BitInfoCharts valued the final balance at about $1.110 billion using a quoted bitcoin price of $44,483.59 for its March 26 snapshot. That dollar figure is an indicative mark, not a documented purchase price. Bitcoin trades continuously across venues, and the provider’s historical dollar conversion does not identify a single execution venue or a volume-weighted acquisition window. For that reason, the BTC quantities and UTC confirmations are the firmer observations.

A contemporaneous March 26 report described the address as LFG’s reserve wallet and noted that it had not sent bitcoin before that snapshot. Bloomberg reported on March 28 that Terraform Labs co-founder Do Kwon confirmed the address used by the Singapore-based foundation. Address ownership is not encoded in Bitcoin itself, so that attribution depends on the organization’s and Kwon’s confirmation rather than chain data alone.

From financing plan to visible reserve

LFG had announced on February 22, 2022 that it closed a $1 billion over-the-counter sale of LUNA tokens, led by Jump Crypto and Three Arrows Capital, to establish a bitcoin-denominated reserve for UST. The foundation said the reserve was intended to provide another support layer when a prolonged selloff weakened the ordinary arbitrage incentives designed to return UST to one dollar.

Those descriptions were contemporaneous claims about mechanism and intent, not proof that the backstop would work under stress. LFG also said the purchased LUNA would vest over four years and that further design details would follow. As of March 26, the important verified development was narrower: a reserve plan announced in February had become a large, publicly traceable bitcoin position, and that position grew materially within one hour.

Why it mattered on March 26

The build changed the institutional context around both assets. UST’s stability strategy was no longer framed only around mint-and-burn incentives involving LUNA; it was being paired with an external reserve asset. For Bitcoin, the sequence represented concentrated demand associated with stablecoin risk management rather than a conventional corporate treasury allocation.

The structure also left unresolved governance questions. A public address made balances and transfers observable, but it did not disclose who controlled signing authority, which rules would trigger deployment, how execution would occur, or whether the reserve would remain adequate during simultaneous stress in UST, LUNA and bitcoin.

Later context

Events after March 26 must not be read backward as facts known on that date. UST lost its peg in May 2022, and a later LFG-commissioned audit described reserve deployments from May 8 through May 12. That later record clarifies why the March reserve build became historically important, but it does not change what the March 26 ledger proved or what remained uncertain at the time.