Terra’s bitcoin holdings now exceed $1.7 billion, thanks to a $100 million BTC buy.
Terra is unconcerned about the current crypto slump. Instead, it increased its bitcoin reserves by purchasing an additional $100 million of the asset.
- Earlier this year, Do Kwon, Founder and CEO of Terraform Labs, detailed the company’s plans to launch a stablecoin (UST) backed by $10 billion in bitcoin reserves rather than fiat currency.
- The procedure, according to the top executive, will amass a large quantity of assets over time. Terra quickly embarked on a buying binge. The first two transfers took place in March, each for around 1,500 BTC.
- Shortly after, the project purchased 2,943 BTC in a single transaction valued at around $140 million at the time of settlement.
- In April, the protocol continued to amass additional bitcoin. It purchased $230 million in BTC at the start of the month. A few days later, the Luna Foundation Guard (LFG) pool bought another $176 worth of the principal coin.
- Bitcoin’s price has been falling over the last few days. Furthermore, it has fallen below $40,000, reaching its lowest level since March, but this has not deterred Terra.
- Do Kwon previously stated on April 13 that Luna Foundation Guard had purchased $100 million in bitcoin for its UST reserves.
- When the most recent transaction is factored in, the protocol now has 42,406.92 BTC. At current pricing, this amounts to more than $1.7 billion.
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