Terraform Labs buys an additional 2,943 BTC for $139M

Terraform Labs has doubled down connected its Bitcoin (BTC) strategy aft purchasing an further 2,943.00002511 BTC for $139 million. Data from artifact explorer Blockchain.com shows the company’s wallet received the BTC successful 5 transactions. Two of these transactions carried 2,943 BTC.

Following these purchases, the wallet’s equilibrium roseate to 30,727.97959166 BTC. According to Blockchain.com, the wallet made its archetypal BTC acquisition connected January 21, 2022, wherever it bought implicit 9,000 coins. Not a azygous satoshi has near the code since then.

While the archetypal acquisition drew a batch of attraction to the wallet, radical became progressively funny successful its enactment aft it started buying monolithic amounts of BTC astir each time aft March 22.

A fewer days earlier this, Terraform Labs laminitis and CEO Do Kwon said the institution plans to adhd implicit $10 cardinal worthy of BTC to the reserves of its stablecoin, Terra USD (UST).

Plans to go the largest BTC HODLer

With today’s purchases, Terra has inched person to toppling Tesla arsenic the second-largest BTC holder. According to Bitcoin Treasuries, the electrical conveyance shaper presently HODLs 43,200 BTC.

MicroStrategy, which holds 125,051 BTC, is besides successful Terra’s sights. However, it mightiness beryllium a formidable hostile considering its subsidiary, MacroStrategy, took out a $205 cardinal indebtedness from Silvergate Bank yesterday to acquisition much BTC.

Nonetheless, Kwon seems determined to unafraid much BTC than immoderate different entity, including Satoshi Nakamoto, the pseudonymous inventor of the Bitcoin network. His ambitions stem from the belief that reinforcing UST’s reserves with BTC would warrant its success.

After Terraform donated $1.1 cardinal worthy of Terra Luna (LUNA) to the Luna Foundation Guard (LFG), which seeks to grow the Terra ecosystem, Kwon said,

“We volition support increasing reserves until it becomes mathematically intolerable for idiots to assertion de-peg hazard for UST.”

At the moment, UST has a marketplace headdress of $16,333,540,255, which makes it the 14th largest crypto and the fourth-largest stablecoin aft Tether (USDT), USD Coin (USDC), and Binance USD (BUSD).

On the different hand, LUNA is trading astatine $105.58 aft losing 1.36% successful the day. LUNA’s existent terms denotes a 3.79% plunge from its March 29 all-time precocious of $109.66.