Terra continues to buy BTC. This time, the LFG group added about $176 worth of bitcoin at an average price of about $42,600.
- Luna’s LFG pool has added another batch of Bitcoin to its stash – over 4,000 BTC to be exact, which is worth around $176 million at the time of writing.
- The purchase was made at $42,590 roughly.
- This brings Terra’s total BTC holdings currently to 39,897 and is worth approximately $1.675 billion.
- As reported earlier, Terra started buying BTC in March as part of its reserve build for its algorithmic stablecoin – UST.
- Do Kwon, co-founder, and CEO of Terraform Labs, the company building the Terra ecosystem and protocol, announced at the time that they intended to buy a total of $10 billion worth of BTC.
- However, he later said they intend to continue buying once the initial $10 billion has been deployed.
- At the time of writing, the bitcoin price is trading around $42,000 -down 2.1% in the last 24 hours.
- The cryptocurrency paints a 10% drop in the past week, dragging the broader market with it as the total capitalization plummets to $2 trillion.