Terra Foundation Adds 3,964 BTC as it Aims to Reach a $3 billion Bitcoin reserve.
In a recent purchase, Terra Foundation (LFG) has added another 3,964 BTC to its reserve. The foundation recently transferred 231.4 million USDT to Binance to buy more Bitcoins and now has well over 34,000 BTC in its reserve.
The Terra Foundation LFG’s bitcoin address has accumulated 3,964 bitcoins, with a current balance of 34,691 now.
— Wu Blockchain (@WuBlockchain) April 6, 2022
The foundation currently has one of the biggest Bitcoin reserves in the world and the recent addition places it in the 22nd largest position. Though it has been aggressively buying the digital asset, the foundation hasn’t added any BTC to its reserve in about a week until now.
Terra targets a $3 billion BTC reserve to support UST
Terra is arguably one of the most ambitious BTC accumulators currently. Having accumulated 34,962 BTC worth over $1.5 billion at the current exchange rate, the project is more than halfway to achieving its goal of hitting a $3 billion BTC reserve.
The project started buying Bitcoin in early January 2022 for the purpose of backing its stablecoin, UST. According to the founder of Terra blockchain Do Kwon, this will give the stablecoin the ability to keep its dollar peg.
“We are particularly interested in Bitcoin because we believe that it is the strongest digital reserve asset. UST is going to be the first internet native currency that implements the Bitcoin standard as part of its monetary policy,” Kwon said.
While $3 billion has been allocated for this, Terra’s ultimate target is to hit $10 billion in Bitcoin reserves which will make it one of the richest corporate Bitcoin investors in the world.
Terra (LUNA) rising fast
The native token on Terra, LUNA has seen significant growth between late 2021 and 2022. The asset rose through the top ten to become the 6th largest by market cap currently in a short time. According to the project’s design, the price of LUNA will continue to rise with the use of the stablecoin UST, which explains the aggressive investment in the stability of the stablecoin.
TOP BTC Holders
1. MicroStrategy – 129,218 BTC
2. Tesla – 43,200 BTC
3. Terra – 34,691 BTC
4. Marathon Digital – 8,133 BTC
5. Square – 8,027 BTC
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
