Terra Acquires an Additional $176 Million in Bitcoin


Luna Foundation Guard (LFG), a Singapore-based non-profit organization dedicated to advancing the Terra blockchain, acquired an additional $176 million in Bitcoin earlier this Sunday.

LFG currently owns almost $1.7 billion worth of the world’s biggest cryptocurrency. The huge Bitcoin reserve is intended to bolster the native UST stablecoin, making it simpler to maintain its dollar peg during periods of intense market volatility.

The most recent acquisition had little effect on the Bitcoin price. Over the last 24 hours, cryptocurrency has gained only 1.43 percent.

LFG began its Bitcoin purchasing binge in late February, after a $1 billion sale of its LUNA token to fund the creation of a stablecoin reserve denominated in the world’s biggest cryptocurrency.

Terra CEO Do Won said on Twitter that Terra aimed to purchase up to $10 billion worth of Bitcoin in order to become the top cryptocurrency’s single largest holder.

As previously reported by U.Today, LFG also purchased $100 million worth of Avalanche (AVAX) tokens earlier this week, expanding its cryptocurrency holdings beyond Bitcoin.

Also Raed: New Provisions Expand the Scope of New York’s Crypto Regulation

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