Terra ramps up its bitcoin buying spree, becoming the second largest corporate holder of the top cryptocurrency
Luna Foundation Guard (LFG) has overtaken e-car maker Tesla to become the second largest corporate bitcoin holder.
The non-profit behind UST, the largest decentralized stablecoin, recently raised another $$ through an over-the-counter deal with full-service digital currency prime broker Genesis and crypto trading and venture capital firm Three Arrows Capital. Bought 1.5 billion bitcoins.
LFG now has 80,393 coins with a total value of $2.9 billion.
As U.Today reported, Terra began buying bitcoin in late February to ensure the stability of the TeraUSD (UST) token, which is supposed to maintain its dollar peg.
Terra’s Do Kwon expects the nonprofit’s bitcoin holdings to eventually reach $10 billion, easily making it the largest single-wallet holder of the major cryptocurrency. The latest mission is to promote the adoption of UST.
Currently, business intelligence firm Microstrategy remains the leading corporate bitcoin holder with 129,218 coins, worth $3.9 billion.
Prices remain bearish
Terra’s bitcoin buying spree emerged as a new bull case for the crypto king after a stellar performance in early 2022.
However, the massive buying failed to propel the price of bitcoin. The top cryptocurrency is currently trading at $36,479 on the Bitstamp exchange, after crashing more than 8% in a single day on Thursday.
Terra’s LUNA is underperforming, with a drop of over 6% over the past 24 hours.
The UST stablecoin remains in the tenth position with a market cap of $18.6. Last month, Terra became the first blockchain project to have two cryptocurrencies together in the top 10.