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Terra surpasses Tesla as second-biggest Bitcoin holder after 1.5 billion BTC purchase

 


Terra's commitment to filling its coffers with bitcoin was solidified with another $1.5 billion bitcoin purchase . This comes as a result of a promise by the project to buy more than $10 billion worth of BTC to serve as a reserve for its stablecoin UST. More importantly, however, their reputation increases with the companies that hold the coin.

Before Terra started buying bitcoin, there were other companies that made the leap into bitcoin. In this context, MicroStrategy, Galaxy Digital and Tesla immediately come to mind. While MicroStrategy had cemented its lead as the company with the largest BTC holdings, Tesla had maintained its second-place position. That is, until now.


With the recent purchase, Terra is now the second-largest Bitcoin holder among companies, dethroning Tesla. The transaction was conducted as an over-the-counter purchase in partnership with cryptocurrency brokerage Genesis and Three Arrows Capital, a crypto trading and venture capital firm.


The Luna Foundation Guard (LFG), which began accumulating BTC earlier in the year, has accelerated its purchases. It is one of the fastest accumulation trends among corporate bitcoin holders. The first purchase took place in February, and now, barely three months later, the charitable foundation owns a total of 80,393 BTC . That equates to a dollar value of $2.9 billion at the time of last purchase. This means that Terra owns almost twice as much as Tesla, which currently owns 48,000 BTC.

Repeat the promise

When Do Kwon, the founder of Terra, announced that the foundation plans to buy $10 billion worth of BTC for its holdings, the question was when. While market participants speculated that it would be a while before they started buying, Terra quickly got started. The company has gradually added BTC to its inventory, buying more than a quarter of the $10 billion in BTC in three months.


In a further step, Terra has added another cryptocurrency to its portfolio. This time, the company turned to Avalanche (AVAX). The company bought AVAX for a total of $200 million, a deal made directly with the Avalanche Foundation.


The Luna Foundation Guard's reserves have now grown to $3.23 billion. Bitcoin accounts for 90.7% of reserves with a total of 80,393 BTC worth $2.93 billion. The second largest share is held by LUNA at $126.63M which is 4.2%, AVAX at 3.5%, USDT at 0.8% and USDC at 0.7%.

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