Terra buys another $100 million in bitcoin

Terra's bitcoin holdings now exceed $1.7 billion thanks to the purchase of $100 million in BTC.

Terra is not concerned with the current cryptocurrency crash. Instead, it is adding to its bitcoin reserves by purchasing an additional $100 million in assets.

Earlier this year, Do Kwon, founder and CEO of Terraform Labs, detailed the company's plans to launch a $1 billion bitcoin reserve in a $10-backed stablecoin (UST), rather than a fiat currency.

According to the executive, the program will accumulate significant assets over time. Terra quickly began a buying spree. The first two transfers occurred in March, each for about 1,500 bitcoins.

Shortly after, the program purchased 2,943 bitcoins in a single transaction that settled at a value of approximately $140 million.

In April, the protocol continued to accumulate additional bitcoins. It purchased $230 million in BTC earlier this month. a few days later, the Luna Foundation Guard (LFG) mining pool purchased an additional $176 worth of principal coins.

The price of Bitcoin has been falling over the past few days. Moreover, it has fallen below $40,000, reaching its lowest level since March, but that hasn't stopped Terra.

Do Kwon previously said on April 13 that Luna Foundation Guard had purchased $100 million in bitcoin for its UST reserves.

The agreement now has 42,406.92 BTC when recent transactions are taken into account. at current pricing, that amounts to more than $1.7 billion.