Terra’s Do Kwon Buys $230 Million of Bitcoin

Do Kwon targets $10 billion BTC to back TerraUSD (UST).

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. It was an opportunity that had earlier seen MicroStrategy also buy Bitcoin worth $190 million.

Kwon shared the 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.”

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.

In March, Kwon announced plans to eventually buy up to $10 billion in Bitcoin, up from an earlier targeted UST reserve of$3 billion. And as of today, the Luna Foundation’s BTC holdings have surpassed those of Tesla (TSLA). Tesla bought $1.5 billion worth of Bitcoin in February last year.

MicroStrategy, which bought an additional 4,167 BTC worth about $190.5 million on Tuesday, is the biggest corporate holder of Bitcoin today. The company now holds 129,218 bitcoins bought at a cost of $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.

Bitcoin was trading around $43,660 on Wednesday evening, with the price down 4.6% in the past 24 hours.

The post Terra’s Do Kwon Buys $230 Million of Bitcoin appeared first on Coin Journal.

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Author: Benson Toti