Terra’s commitment to filling up its coffers with Bitcoin has been solidified once more with another $1.5 billion purchase. This is the fruit of a pledge that the project had made to buy more than $10 billion worth of BTC to serve as a reserve for its stablecoin, UST. More importantly, though is how this boosts the foundation’s standing when it comes to corporations holding the digital asset.
Terra Now Holds More BTC Than Tesla
Before Terra had begun its bitcoin buying spree, there have been other corporate bodies that had already made the plunge to do so. The likes of MicroStrategy, Galaxy Digital, and Tesla come to mind when thinking of this. While MicroStrategy had cemented its lead as the company with the largest BTC holdings, Tesla had retained its position in second place. That is, until now.Related Reading | Bitcoin Institutional Outflows Near One-Year Highs, More Downside Coming?
Reiterating The Promise
When Do Kwon, founder of Terra, had that the foundation was planning to buy $10 billion worth of BTC for its treasury, the question had been when. While participants in the space had speculated it would take a while before they began buying the coins, Terra had quickly moved forward to start. It had gradually added BTC to its treasury and in three months has now purchased more than a quarter of the $10 billion BTC.BTC falls below $36,000 | Source:In an additional move, Terra had also moved to add another cryptocurrency to its treasury. This time around turning to Avalanche (AVAX) to do so. It had , a trade that was carried out directly with the Avalanche Foundation.
Related Reading | Bitcoin ETP Outflows Spell Bearish Sentiment Among Institutional Investors
Featured image from Portal do Bitcoin, chart from TradingView.com