© Reuters
Investing.com – As crypto continues to see high volatility and a lower price, some participants see it as an opportunity. In particular, seems to find an entry point. The firm added the equivalent of $100 million in to its portfolio.
This purchase is part of a series that would see the firm increase its stock of bitcoin. Indeed, earlier this year, Do Kwon, Founder and CEO of Terraform Labs, revealed plans to introduce a stablecoin (UST), which will be backed by bitcoin reserves worth a total of $10 billion. dollars instead of fiat currency. The executive claimed that the protocol will accumulate this significant amount of assets over time.
The first two transactions took place in March for an amount of around 1,500 BTC each. A purchase of 2,943 BTC was then made for a value of approximately $140 million. At the beginning of April, the firm bought $230 million in BTC. A few days later, the Luna Foundation Guard (LFG) pool purchased for an additional $176 million.
Adding the last transaction to the equation, the protocol now holds 42,406.92 BTC. Calculated at current prices, that equates to more than $1.7 billion.