The Luna Foundation Guard has become the second largest company to own bitcoin, overtaking the electronic car maker, Tesla.

The non-profit organization behind UST, the largest decentralized stablecoin, recently bought $1.5 billion worth of bitcoin via an over-the-counter transaction with a major cryptocurrency broker.

LFG now owns 80,393 bitcoins with a total value of $2.9 billion.

As we mentioned earlier on Arab Bitcoin, Terra started buying Bitcoin in late February in order to ensure the stability of the digital stablecoin TerraUSD (UST), which is supposed to maintain its peg to the dollar.

Do Kwon expects Terra to eventually reach $10 billion in bitcoin holdings, which would easily make her the largest holder of bitcoin.

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At the moment, MicroStrategy is still the leader in bitcoin holdings with 129,218 bitcoins worth $3.9 billion.

Cryptocurrency prices are still in the doldrums:

Terra’s bitcoin buying spree has emerged as a new bull case for the crypto king after a disappointing performance in early 2022.

Despite all this, the massive buying failed to support the price of Bitcoin.

The top cryptocurrency is currently trading at $36,400 on trading platform Binance after crashing just under 8% in one day on Thursday.

Terra’s LUNA cryptocurrency is also underperforming, as its price has fallen by more than 6% in the past 24 hours.

While the UST stablecoin remains in tenth place, with a market capitalization of $18.6 billion.

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Last month, Terra became the first blockchain project to simultaneously contain two cryptocurrencies in the top ten.

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