Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After dollar1.5B Purchase
Categories: Bitcoin US
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. The Luna Foundation Guard (LFG) which had begun accumulating BTC earlier this year has ramped up its buying. It is one of the fastest accumulation trends of any corporate bitcoin holder. Its first purchase had taken place in February, and now, barely three months later, the non-profit foundation now holds 80,393 total BTC. All of which come out to a dollar value of $2.9 billion at the time of its last purchase. It now holds almost double what Tesla holds, which currently sits at 48,000 BTC. Reiterating The Promise When Do Kwon, founder of Terra, had announced 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.The Luna Foundation Guard reserves have now grown to $3.23 billion. Bitcoin makes up 90.7% of the reserves with a total of 80,393 BTC valued at $2.93 billion. LUNA makes up the second-largest portion with $126.63 million making up 4.2%, AVAX at 3.5%, USDT AT 0.8%, and USDC at 0.7%.