Terra has purchased almost $280 million worth of Bitcoin over the past week alone, but it has failed to push the BTC price higher
Earlier today, the Luna Foundation Guard (LFG) purchased an additional 123 Bitcoin worth approximately $4.9 million.
The Bitcoin price keeps flatlining above $40,000 on major spot exchanges.
Earlier this week, the Singapore-based non-profit organization purchased an additional $100 million worth of LUNA tokens. Previously, a $173 million purchase was leaked last Sunday.
The LFG’s official address currently controls $1.7 billion worth of Bitcoin. The massive crypto stash is aimed at maintaining the stability of UST, the biggest decentralized stablecoin that is currently valued at $17.1 billion.
As reported by U.Today, Do Know, the co-founder of Terraform Labs, has announced plans to buy up to $10 billion worth of Bitcoin, giving business intelligence firm MicroStrategy a run for its money. his money. Currently, the LFG-owned address is already the third-largest single wallet holder of Bitcoin.
Terra picked the world’s largest cryptocurrency due to the fact that it has the most liquidity (by far), which is critical for ensuring the stability of the dollar peg.
Besides Bitcoin, Terra has also added $100 million in Avalanche (AVAX) tokens for diversification purposes.
An $813 million gift
On Thursday, the LFG was gifted 10 million LUNA tokens (around $813 million at press time) by Terraform Labs.
Although the designation of the funds is unclear at this time, it is safe to assume that the nonprofit will use them to further increase its Bitcoin reserve.
The vast majority of the tokens were swapped for UST shortly after the transfer.
The LFT currently has $2.44 billion in reserves, with Bitcon accounting for 70% of the sum, according to its accounting records.
