Blockchain project Terra continues to amass Bitcoin by taking another 4,550 off the market, worth over $206 million.
Terra has been following a number of companies – including MicroStrategy, Tesla, Square, and others – in adding Bitcoin to its reserves.
Do Kwon, CEO of Terraform Labs, has said his ultimate aim is to have Terra’s reserves of Bitcoin rival that of Satoshi Nakomoto himself/herself/itself.
The wallet that likely belongs to Terra first received almost 10,000 BTC on 21 January 2022. Since then, it’s regularly acquired additional BTC just as Kwon said.
A record acquisition (after the initial 10k BTC injection) was set last week after the wallet acquired 2,943 BTC. That record was smashed again today with a further 4,550 BTC added to the wallet.
Terra’s wallet now contains a total of 35,278 BTC worth over $1.6 billion.
Based on BitcoinTreasuries’ data on publicly-traded companies with BTC holdings, Terra is now gaining on Tesla but remains behind MicroStrategy:
MicroStrategy continues to increase its own holdings. The company’s subsidiary, MacroStrategy, has also begun amassing Bitcoin.
Last month, MacroStrategy announced that it obtained a $205 million loan from Silvergate Bank to purchase Bitcoin.
“The SEN (Silvergate Exchange Network) Leverage loan gives us an opportunity to further our position as the leading public company investor in Bitcoin,” said MicroStrategy CEO Michael Saylor.
“Using the capital from the loan, we’ve effectively turned our Bitcoin into productive collateral, which allows us to further execute against our business strategy.”
As of writing, Bitcoin remains ~35 percent down from its high over the past year but up ~56 percent from its lows.
With growing confidence from investors, consistent acquisitions of BTC from the likes of Terra and MicroStrategy removing large amounts of the fixed supply asset from the market – combined with increasing metrics like addresses, hash rate, and Lightning Network adoption – it only seems like a matter of time before Bitcoin re-tests and potentially surpasses its all-time high.
Disclosure: As of writing, the writer holds none of the assets mentioned in this article.
(Photo by Kanchanara on Unsplash)
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