Terra’s commitment to filling its coffers with bitcoin was once again boosted by the purchase of another $1.5 billion. This is the fruit of the project’s pledge of over $10 billion in BTC to serve as a reserve for the stablecoin, the UST. And most importantly, how this strengthens the position of the organization when it comes to companies that own digital assets.
Terra Now Has More BTC Than Tesla
Before Terra started his bitcoin buying spree, there were other corporate bodies that had already taken the plunge to do so. The likes of MicroStrategy, Galaxy Digital, and Tesla come to mind when you think of it. While MicroStrategy consolidated its leadership as the company with the largest holdings of BTC, Tesla retained its position in second place. This is it, so far.
with Latest purchaseTerra is now the second largest holder of Bitcoin, overtaking Tesla in the title. The transaction was executed as an over-the-counter (OTC) buyout jointly with cryptocurrency broker Genesis and Three Arrows Capital, a cryptocurrency exchange and venture capital firm.
The Luna Foundation Guard (LFG), which began accumulating BTC earlier this year, has boosted its purchase. It is one of the fastest accumulation trends for any corporate bitcoin holder. Its first purchase took place in February, and now, just three months later, the nonprofit now owns 80,393 bitcoins in total. All were worth $2.9 billion at the time of their last purchase. It now holds nearly twice as much as Tesla, which is currently at 48,000 BTC.
repeat the promise
When Do Kwon, founder of Terra, had announce That the institution was planning to buy $10 billion worth of BTC for its stash, the question was when. While the space participants expected it would take some time before they could start buying coins, Terra scrambled ahead to get started. It has gradually added BTC to its vault and within three months has now bought over a quarter of the $10 billion BTC.
BTC falls below $36,000 | Source: BTCUSD on TradingView.com
In an additional step, Terra has also moved to add another cryptocurrency to its vault. This time it turns to Avalanche (AVAX) to do so. had a Bought a total of $200 million from AVAXa trade executed directly with the Avalanche Corporation.
The Luna Foundation Reserve It has now grown to $3.23 billion. Bitcoin makes up 90.7% of the reserves with a total of 80,393 BTC worth $2.93 billion. LUNA makes up the second largest segment with $126.63 million at 4.2%, AVAX at 3.5%, USDT at 0.8% and USDC at 0.7%.
Featured image from Portal do Bitcoin, chart from TradingView.com