LFG now owns almost $1.7 billion worth of the world’s largest cryptocurrency. The huge Bitcoin reserve is intended to back the native UST stablecoin, making it easier to keep its dollar peg during periods of extreme market volatility.
The most recent acquisition had negligible effect on the Bitcoin price. Over the last 24 hours, the cryptocurrency has risen by only 1.43%.
LFG began its Bitcoin buying spree in late February, following a $1 billion sale of its LUNA token to fund the creation of a stablecoin reserve denominated in the world’s largest cryptocurrency.
Terra CEO Do Won stated on Twitter that Terra aimed to purchase up to $10 billion worth of Bitcoin in order to become the top cryptocurrency’s single largest holder.
LFG also purchased $100 million worth of Avalanche (AVAX) tokens earlier this week, expanding its cryptocurrency holdings beyond Bitcoin.