The non-profit organization Luna Foundation, associated with the cryptocurrency project Terra Luna, continues to purchase bitcoins. Yesterday, May 5, 37,863 BTC were purchased to secure the UST stablecoin.
As part of another Bitcoin purchase, the Luna Foundation acquired $1 billion worth of BTC through over-the-counter transactions through Genesis Trading, according to CNBC. For this, she used UST stablecoins. Another $500 million worth of bitcoin was purchased from the investment firm Three Arrows Capital.
The Luna Foundation now holds $3.5 billion worth of BTC in wallets, making the organization one of the largest holders of the first cryptocurrency in the world. In fact, it is second only to the American company MicroStrategy.
Perhaps it was the large-scale purchases of bitcoins by the Luna Foundation that supported the rate of the first cryptocurrency, because after the end of the purchases, the price of BTC went down again – now bitcoin is trading at $36,300.
Earlier, Terraform Labs CEO Do Kwon said that the organization plans to increase the volume of bitcoins in its wallets to $10 billion. This will ensure the stability of the UST rate.
The popularity of TerraUSD is growing at an extremely fast pace – in mid-April, the capitalization of the stablecoin exceeded that of Binance USD and reached $17.5 billion. At the moment, the capitalization of UST exceeds $18.6 billion.
