1 August 2026
Terra Foundation Becomes Second Largest Corporate Holder of Bitcoin
The Luna Foundation Guard (LFG) has surpassed electric car maker Tesla to become the second-largest corporate Bitcoin holder.
LFG raised $1 billion through an over-the-counter (OTC) swap with Cryptocurrency broker Genesis and a $500 million Bitcoin acquisition from hedge fund manager Three Arrows Capital.
With the latest purchase, the LFG now holds 80,393 Bitcoin worth $2.9 billion.
Terra started to accumulate Bitcoin in February to ensure the stability of the TerraUSD (UST) token, which is supposed to maintain its dollar peg.
The co-founder and CEO of Terraform Labs, Do Kwon, expects that the non-profit’s Bitcoin holdings will eventually reach $10 billion, making it the largest single-wallet holder of the flagship cryptocurrency.The latest purchase is meant to bolster the adoption of UST.
MicroStrategy remains at the top position of the corporate Bitcoin holder with 129,218 coins that are worth $3.9 billion.
The buying spree of Terra emerged as the new bull case for Bitcoin after its underwhelming performance in early 2022.
Although, the massive purchase failed to push up Bitcoin’s price.Currently, Bitcoin is trading at $36,479 on the Bitstamp exchange after crashing more than 8% in a day on Thursday.
The UST stablecoin is still holding its position in tenth place with a market cap of $18.6M.In April, Terra became the first blockchain project to simultaneously have two Cryptocurrencies in the top 10.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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