Terra Beats Tesla As Second-Largest Corporate Bitcoin Holder After $1.5B Purchase

Terra’s commitment to filling up its coffers with Bitcoin has been solidified once more with another $1.5 billion purchase. This is the fruit of a pledge that the project had made to buy more than $10 billion worth of BTC to serve as a reserve for its stablecoin, UST. More importantly, though is how this boosts the foundation’s standing when it comes to corporations holding the digital asset. Terra Now Holds More BTC Than Tesla Before Terra had begun its bitcoin buying spree, there have been other corporate bodies that had already made the plunge to do so. The likes of MicroStrategy, Galaxy Digital, and Tesla come to mind when thinking of this. While MicroStrategy had cemented its lead as the company with the largest BTC holdings, Tesla had retained its position in second place. That is, until now. Related Reading | Bitcoin Institutional Outflows Near One-Year Highs, More Downside Coming? With its most recent buy, Terra has now become the second-largest corporate bitcoin holder, beating out Tesla for the title. The deal was carried out as an over-the-counter (OTC) purchase in conjunction with cryptocurrency broker Genesis and Three Arrows Capital, a crypto trading and venture capital firm. The Luna Foundation Guard (LFG) which had begun accumulating BTC earlier this year has ramped up its buying. It is one of the fastest accumulation trends of any corporate bitcoin holder. Its first purchase had taken place in February, a...