Both Microstrategy and Terra are mopping up bitcoin in the hundreds of millions of dollars.

A wallet said to belong to Do Kwon-led Terraform Labs received 2943.00002511 bitcoin ($139 million) on Wednesday, says a report in CoinTelegraph. With the latest purchase, the Terra wallet now has, hold your breath, about 31,000 bitcoin valued approximately $1.417 billion. Meanwhile, MicroStrategy has raised $205 million for buying bitcoin.

At the current rate, Terra is on track to displace Tesla (NASDAQ: TSLA) which is presently positioned second in the list of corporates with treasury holdings of bitcoin. Terra CEO Do Kwon has made public his intention to own more bitcoin than even Satoshi Nakomoto, the faceless creator of bitcoin.

Last week, Do Kwon said he had ready a $3 billion war chest to accumulate as reserves to back up TerraUSD (UST), Terra’s US-dollar value pegged, algorithmic stablecoin.

Prior to that, he had announced plans to buy up bitcoin worth $10 billion in total.

MicroStrategy eyeing $205 million of bitcoin via subsidiary

Meanwhile, Michael Saylor-led MicroStrategy (NASDAQ: MSTR) announced Tuesday that MacroStrategy LLC, a subsidiary, had secured a $205 million term loan from Silvergate Bank, a subsidiary of Silvergate Capital Corporation (NYSE: SI), under the latter’s Silvergate Exchange Network (SEN) Leverage program.

MacroStrategy will use the loan proceeds (i) to purchase bitcoins, (ii) to pay fees, interest, and expenses related to the loan transaction, or (iii) for MacroStrategy’s or MicroStrategy’s general corporate purposes.

“The SEN Leverage loan gives us an opportunity to further our position as the leading public company investor in bitcoin,” said Michael Saylor, Chairman and Chief Executive Officer of MicroStrategy, in a statement. “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.”

MicroStrategy currently holds about 125,051 bitcoin valued at approximately $6 billion.

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