Terra (Luna) stablecoin indexed to the dollar in its ecosystem UST The Luna Foundation Guard (LFG), a nonprofit organization that creates reserves to support Bitcoin (BTC) announced its purchase.
LUNA has suspended BTC purchases for the past few days.
Terra’s Amount of Bitcoin Reached 35,768
LFG, which added 5,040 BTC to its treasury in its last purchase, thus reached a total of 35,768 BTC.
The total value of Bitcoins held by the foundation is around $1.57 billion. These purchases can also be viewed on the foundation’s verified BTC wallet address.
This acquisition was the foundation’s first major transaction since March 30. LFG had purchased $125 million worth of BTC every day from March 22 to March 25. On March 26, 160 million dollars of crypto money was added to the LFG treasury.
In its February statement, LFG introduced the Bitcoin reserve project to create an additional layer of security for UST by selling $1 billion of LUNA tokens.
Terra CEO Do Kwon said in his tweet that they have a $3 billion reserve fund and they want to turn it into a $10 billion BTC warehouse.
Terra Leaves Tesla Behind
With the latest acquisition, Terra surpassed the US electric car giant Tesla in the field of BTC reserves. Tesla holds approximately $1.26 billion worth of BTC.
With the BTC price falling during the last purchase, the foundation also used the opportunity to buy cryptocurrencies at a cheap price.
*Not investment advice.