LUNA Foundation Now Holds Over $1.3 Billion Worth Of Bitcoin

terra luna

In a bid to accumulate $10 billion worth of Bitcoin (BTC), Terra Foundation has added another 2,830 BTC (approx $133.5 million) to its wallet. According to WU Blockchain, OKLink has identified the BTC wallet address of the foundation which now holds over $1.3 billion worth of Bitcoin. The total balance now stands at 27,784.96 BTC. The world’s largest cryptocurrency is trading at $47,179.

LUNA aims to build $10B BTC reserve

Do Kwon, Co-founder and CEO at Terraform Labs, on 14 March, announced that TerraUSD (UST) with $10 billion will rack up bitcoin to serve as their reserves. This will open a new monetary era of the BTC standard, he added. This started the massive Bitcoin accumulation by Luna.

Earlier, Terra posted a proposal built by Jump Crypto on how Luna Foundation Gaurd can deploy its BTC reserve on-chain in a reserve model which will defend UST amid downward pressure.

According to OKLink, the Luna Foundation Guard’s wallet address is doing 9 transactions per day while a maximum of 29 transactions per week. Meanwhile, a total of 42 transactions have been done till now. However, 8,588 BTC have been the highest trading amount. Seems like Terra is keeping its promise to keep buying.

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Last month, The Luna Foundation Guard planned to form a Bitcoin reserve for Terra’s UST stable coin. Around $1 billion was raised from crypto-focused venture capitalists. Terra CEO, later explained that they will look to buy $3 billion worth of BTC in the short term.

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Terra’s 24-hr trading volume jumps by 50%

Terra has registered a surge of over 4% in the last 24 hours. Luna is trading at an average price of $95.10, at the press time. The coins 24-trading volume of $1,424,923,903 is also up by around 50%. According to CoinMarketCap, Luna is the ninth-largest cryptocurrency with a market capitalization of $33.8 billion.

Source: CoinMarketcap

Meanwhile, Bitcoin is also up by 5% in the last 24 hours trading at a price of $47,179. Interestingly, BTC has registered a jump of 90% in its 24-hr trading volume.

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