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.”
– Watered my plants
– Wrote some emails
– Bought 230M in $BTC
– vacuumed the house
– had some mcdonalds
Now off to 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.
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.
MacroStrategy has purchased an additional 4,167 bitcoins for ~$190.5 million at an average price of ~$45,714 per #bitcoin. As of 4/4/22 MicroStrategy #hodls ~129,218 bitcoins acquired for ~$3.97 billion at an average price of ~$30,700 per bitcoin. $MSTRhttps://t.co/Z45OuJU5KI
— Michael Saylor⚡️ (@saylor) April 5, 2022
Bitcoin was trading around $43,660 on Wednesday evening, with the price down 4.6% in the past 24 hours.