Luna Foundation Guard (LFG) bought 2,508 bitcoins worth about $100 million on Tuesday as part of a plan to increase its holdings by $10 billion.
LFG is a non-profit organization responsible for establishing reserves to support Terra's peg to the US dollar, the stablecurrency TerraUSD (UST). Nearly $17 billion worth of cryptocurrencies have been issued to date, making it the 14th largest digital asset by market capitalization.
The entity's former reserve model uses the protocol's native cryptocurrency Terra (LUNA) to algorithmically support stablecoin and is currently the ninth largest cryptocurrency.
Today, LFG has reserves of about $2.3 billion, of which bitcoin accounts for about three-quarters. The rest is divided into USDC, USDT and a small amount of LUNA.
LFG only completed its purchase of $112 million in Bitcoin on April 10, according to on-chain data. As recently as March 26, Terra's Bitcoin address was less than $1 billion.