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Apr 13, 2022
by Jafrin Ahmed
Terra Continues Bitcoin Buying Spree, Buys Additional $100M Worth BTC
Terra's Luna Foundation Guard (LFG) continues its Bitcoin (BTC) buying spree with an additional purchase of $100 million worth of BTC.
Terra Scoops Up Additional $100M Worth BTC
On Wednesday, Terraform Labs co-founder Do Kwon took to Twitter to announce that the Luna Foundation Guard (LFG) has bought another $100 million worth of Bitcoin.
In fact, the wallet associated with the Luna Foundation Guard (LFG) confirms that the non-profit added another 2,500 BTC ($100.4 million) to its reserves on Wednesday.
This means that Terra now owns 42,400 BTC ($1.704 billion) and is now the 18th largest wallet on the Bitcoin network. The wallet in fact is just 800 BTC less than Tesla’s corporate treasury allocation.
As reported by cryptoknowmics, Terra made its previous purchase of $176 million last weekend. Terra’s wallet is set to continue growing as the firm seeks to back the expanding supply of its TerraUSD (UST) stablecoin.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.