Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B Purchase

May 8, 2022

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Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B Purchase

Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B Purchase. Terra’s determination to stock its coffers with Bitcoin has been reinforced yet again with a $1.5 billion purchase. This is the result of the project’s vow to purchase more than $10 billion in BTC to serve as a reserve for its stablecoin, UST. More significantly, this strengthens the foundation’s position among firms that own the digital asset. Before Terra began its bitcoin purchasing frenzy, other corporate entities had already taken the leap.

When I think of this, I think of MicroStrategy, Galaxy Digital, and Tesla. While MicroStrategy maintained its lead as the firm with the most BTC holdings, Tesla remained in second place. Until now, that is. The Luna Foundation Guard (LFG), which began acquiring BTC early this year, has increased its purchases. It has one of the quickest growth rates of any business bitcoin holder.

When Terra’s creator, Do Kwon, declared that the foundation planned to purchase $10 billion in BTC for its treasury, the issue was when. While participants in the space had assumed that it would take some time before they began purchasing the coins, Terra had moved immediately to begin. It had steadily added BTC to its treasury and had already acquired moreover a quarter of the $10 billion BTC in three months.

Terra has also added another coin to its coffers in a separate move. This time, Avalanche (AVAX) is being used to accomplish so. It had bought a total of $200 million in AVAX in a straight deal with the Avalanche Foundation. The reserves of the Luna Foundation Guard have now reached $3.23 billion. Bitcoin accounts for 90.7 percent of the reserves, with a total of 80,393 BTC worth $2.93 billion. LUNA comes in second with $126.63 million, accounting for 4.2 percent, followed by AVAX at 3.5 percent, USDT at 0.8 percent, and USDC at 0.7 percent.

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