Do Kwon plans to buy TerraUSD (UST) at $10 billion BTC
Terraform Labs founder and CEO Do Kwon added Bitcoin worth $230 million to Luna Foundation Guard’s wallet, buying 5,040 BTC on Wednesday as prices dipped again.
Wednesday saw Bitcoin’s price below $45,000 amid negative market sentiment, providing a “buy-the-dip” opportunity for the Terra CEO. This was a similar opportunity to the $190 million purchase of Bitcoin by MicroStrategy.
Kwon shared the following news on Twitter
“Today I watered my plant, wrote some emails, bought 230M in bitcoin, vacuumed the house, had some McDonalds, now off to walk the dog.”
– Watered my plants
– Wrote some emails
– Bought 230M in $BTC
– vacuumed the house
– had some mcdonalds
Now, let’s walk the dog🤝
— Do Kwon 🌕 (@stablekwon) April 6, 2022
And with that huge buy, Terra’s Bitcoin for UST reserves has grown to a $1.6 billion stash, with 35,768 bitcoins now held by the LFG.
Kwon announced in March that he plans to buy Bitcoin worth $10 billion, an increase from the $3 billion UST reserve he had previously targeted. And as of today, the Luna Foundation’s BTC holdings have surpassed those of Tesla (TSLA). In February 2013, Tesla purchased Bitcoin worth $1.5 billion.
MicroStrategy bought 4,167 bitcoins worth $190.5 million Tuesday. This makes them the largest corporate holders of Bitcoin. This company currently holds 129 218 bitcoins purchased at a cost $30,700.
The Michael Saylor-led firm’s total cost is around $3.97 billion, with the holdings currently valued at around $6.04 billion.
MacroStrategy purchased additional 4,167 bitcoins at a price average of $45714 per for $190.5million #bitcoin. As of 4/4/22, MicroStrategy #hodlsA total of 129,218 bitcoins have been purchased at a price of $3.97 trillion, with an average bitcoin price of $30,000. $MSTRhttps://t.co/Z45OuJU5KI
— Michael Saylor⚡️ (@saylor) April 5, 2022
Bitcoin traded at $43,660 Wednesday evening with a 4.6% drop in price over the last 24 hours.