MOGO Inc. Dives into Bitcoin and Bitcoin ETFs with a $5 Million Investment

Mogo Bitcoin

In a significant move, MOGO Inc., a Canada-based digital wealth and payments company, has announced its decision to invest up to $5 million in Bitcoin and Bitcoin ETFs. This decision marks a change in the company’s treasury management strategy.

MOGO Inc., listed on NASDAQ and TSX, has been an early entrant into crypto investing in North America, having first invested in Bitcoin in 2020. The company’s President, Greg Feller, expressed his belief in the long-term investment opportunity for Bitcoin. He cited the recent regulatory approval of spot Bitcoin ETFs and the commitment of several of the world’s largest asset managers, such as Fidelity and BlackRock, as factors that support their view of Bitcoin as a legitimate global asset class.

This investment, along with MOGO’s ~13% ownership in WonderFi, one of the largest regulated crypto investing ecosystems in Canada, provides their shareholders with meaningful exposure to this asset class. As of the third quarter ended September 30, 2023, Mogo reported cash and total investments of $43.7 million. This included combined cash and restricted cash of $19.3 million and an investment portfolio of $24.5 million.

MOGO Inc. is a digital wealth and payments company headquartered in Vancouver, Canada with more than 2 million members, $9.9B in annual payments volume, and a ~13% equity stake in Canada’s leading Crypto Exchange WonderFi. The company offers simple digital solutions to help its members dramatically improve their path to wealth-creation and financial freedom.

This move by MOGO Inc. is a testament to the growing acceptance of Bitcoin and other cryptocurrencies as legitimate investment options. It also highlights the increasing trend of companies diversifying their treasury management strategies to include digital assets.

You may also like:

Related Posts