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Sunday, November 27, 2022

Terra Bought 5040 Bitcoin Worth $230 Million

Terraform Labs CEO Do Kwon discusses his plan to be the largest holder of Bitcoin

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Do Kwon, the CEO and Founder of Terraform Labs, confirmed on Twitter that Terra (LUNA) bought another 5040 Bitcoin worth $230 million as the bitcoin price dipped to $44,000

As per Etherscan data, today, the Luna Foundation Guard (LFG) sent $231 million worth of Tether to Binance. Do Kwon has announced the aim is to stabilize Luna’s UST, a dollar stablecoin, through bitcoin with the project aiming to buy as much as $10 billion worth of BTC.

Terra Bitcoin

The important thing to remember about Terra is that it’s a decentralized stablecoin in a sense that it has no issuer. Any person can mint Terra stablecoins by burning a dollar worth of decentralized assets – said Do Kwon

Terra’s CEO also argued that it’s important to remember that this is not a “corporate treasury decision in the sense that I am not buying Bitcoin – I’ve already donated money so that we can build these reserves on behalf of the community.” He also said that once the initial bootstrap of $3 billion is through, they would continue buying more in a bid to strengthen their reserves.

Terraform Labs now have 35,767 bitcoin in the balance sheet at an average price of $44,830.76 worth $1.62 billion. That was at 18,000 BTC on March 24th. So some 17,000 bitcoin, worth about $800 million, has been bought by Luna in the past two weeks. Luna is currently sitting at a profit of $91 million.

 

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