Terra has bought around $280 million worth of bitcoin over the past week, but it failed to propel the price of BTC.
Earlier today, the Luna Foundation Guard (LFG) purchased an additional 123 bitcoins, worth approximately $4.9 million.
Bitcoin price remains flat above $40,000 on major spot exchanges.
Earlier this week, the Singapore-based nonprofit purchased an additional $100 million in LUNA tokens. Previously, purchases worth $173 million were disclosed last Sunday.
The official address of LFG currently controls $1.7 billion worth of bitcoin. The massive crypto stash aims to maintain the stability of UST, the largest decentralized stablecoin currently valued at $17.1 billion.
As U.Today reports, Do Know, the co-founder of TerraForm Labs, announced that he plans to buy bitcoin worth up to $10 billion, giving business intelligence firm Microstrategy a run for its money. As of now, the address belonging to LFG is already bitcoin’s third largest single-wallet holder.
Terra was chosen as the world’s largest cryptocurrency because it has the most liquidity (so far), which is critical to ensuring the stability of the dollar peg.
In addition to bitcoin, Terra has also added $100 million worth of Avalanche (AVAX) tokens for diversification purposes.
$813 million gift
10 million LUNA tokens (approximately $813 million at press time) were gifted to LFG by Terraform Labs on Thursday.
Although the name of the fund is unclear for now, it is safe to assume that the nonprofit will use them to further increase its bitcoin reserves.
Most of the tokens were exchanged for UST soon after the transfer.
The LFT currently holds $2.44 billion in reserves, of which bitcoin accounts for 70%, according to its accounting records.