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This company became the second largest Bitcoin holder

 


Luna Foundation Guard (LFG) has become the second largest corporate holder of Bitcoin based on recent Bitcoin purchases, surpassing Tesla.


The nonprofit behind decentralized stablecoin UST recently acquired another $1.5 billion worth of Bitcoin via an over-the-counter deal with Genesis, a full-service prime digital currency broker, and the crypto trading and venture capital firm Acquired Three Arrows Capital.


The Foundation currently holds 80,393 coins with a total value of USD 2.9 billion.


Terra started buying bitcoin in February to ensure the stability of the TerraUSD (UST) stablecoin, which aims to maintain its USD peg.


Terra's Do Kwon predicts that the Foundation's Bitcoin holdings will eventually reach $10 billion, making it the largest single-wallet holder of Bitcoin. 


Currently, MicroStrategy remains the top enterprise Bitcoin holder with 129,218 BTC worth $3.9 billion.


Terra's big bitcoin purchases in early 2022 were seen as a very bullish signal for bitcoin.


However, the big buy has done nothing to push the bitcoin price higher. At the time of writing, BTC price sits at $36,400 after plunging 8% in a matter of hours.


LUNA of Terra is down more than 6% in the last 24 hours.


The UST stablecoin ranks tenth with a market cap of $18.6 billion. Last month, Terra became the first blockchain project to have two cryptocurrencies in the top 10 at the same time.

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