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Terra again purchases $100 Million worth of Bitcoin

Nxtgen Virtue

Terra’s bitcoin holdings are more than $1.7 billion after another  $100 million worth of BTC.

Terra doesn’t appear to be worried at all about the ongoing crypto dip. Instead, it boosted its bitcoin reserves with an additional  $100 million purchase of the asset.

  • Earlier this year, Do Kwon, the founder, and CEO of Terraform Labs announced the company’s intention to launch a stablecoin (UST) that will be backed by a total of $10 billion worth of bitcoin reserves instead of fiat currency.
  • The top executive claimed that the protocol will accumulate a significant amount of assets over time. Shortly thereafter, Terra went on a shopping spree. The first two transactions took place in March, both for roughly 1,500 BTC.
  • Shortly after, the project acquired 2,943 BTC in a single transaction, valued at around $140 million at the time of the transaction.
  • The protocol accumulated more bitcoins in April. Earlier this month, it bought $230 million worth of BTC. A few days later, the Luna Foundation Guard (LFG) group bought another $176  of the major cryptocurrency.
  • Bitcoin price has been trending down for the past few days. It also dipped below $40,000 and fell to its lowest level since March, but that hasn’t deterred Terra.
  • Earlier on April 13, Do Kwon revealed that the Luna Foundation Guard had bought $100 million worth of Bitcoin for their UST reserves.