Terra’s UST Reserve Hits New Milestone Above 30,700 BTC ($1.4B)

Terra, a blockchain project that allows developers to build decentralized applications, has purchased an additional  $139 million worth of bitcoin, pushing the project’s total reserve above 30,700 BTC ($1.4 billion). 

Terra’s Bitcoin Wallet Balance Crosses 30.7k BTC

The project shared an update on Wednesday, noting that Luna Foundation Guard (LFG), a nonprofit organization that promotes the growth and development of the Terra blockchain, recently purchased 2,943 BTC, bringing its reserve balance to 30,727 BTC, worth about $1.4 billion.

A chart from BitInfoCharts shows that the wallet began accumulating bitcoin on January 21, 2022, starting with almost 10,000 BTC. Ever since then, the project has not sold a single unit of the cryptocurrency.

Data also shows that the company started another buying spree on March 22, but this time in larger amounts. The purchase coincides with an announcement from Do Kwon, CEO of TerraForm Labs.

“$UST with $10B+ in $BTC reserves will open a new monetary era of the Bitcoin standard,” Kwon said.

According to the CEO, the increasing Bitcoin Reserves would help pegged the value of Terra’s native stablecoin TerraUSD (UST) to the value of the United States dollar.

Kwon noted that his project plan is to accumulate as much bitcoin as possible to rival that of the pseudonymous Bitcoin creator, Satoshi Nakamoto. For now, though, Terra’s BTC portfolio is only competing with that of Tesla and MicroStrategy.

MicroStrategy Still Accummulating Bitcoin

MicroStrategy remains the number one publicly-traded company with the highest BTC holding in its portfolio. Interestingly, the business intelligence software firm is not relenting on its bitcoin buying spree.

Last December, MicroStrategy purchased $82.4 million worth of BTC. As of December 9, the company had a total of 122,478 bitcoins purchased at an aggregate price of $3.66 billion and an average purchase price of $29,861 per unit, with inclusion of fees and other expenses.

In February, MicroStrategy spent another $25 million on its Bitcoin purchase, bringing the firm’s total holdings to 125,051 bitcoins.

Earlier this week, the company revealed that it had obtained a loan term worth $205 million to acquire more bitcoin.