Mogo adds Bitcoin to its Treasury Management Strategy

Mogo

Mogo Inc. (MOGO) a digital wealth and payments business, today announced that its Board of Directors has approved a change to its treasury management strategy to include Bitcoin and Bitcoin ETFs and authorized an initial investment of up to $5.0 million.

“Mogo was an early entrant to crypto investing in North America having first invested in Bitcoin in 2020, and we continue to believe in the long-term investment opportunity for Bitcoin,” said Greg Feller, President of Mogo Inc. “The recent regulatory approval of spot Bitcoin ETFs, along with the commitment of several of the world’s largest asset managers such as Fidelity and BlackRock, support our view that Bitcoin is a legitimate global asset class with attractive qualities that make it a unique store of value. Today’s announcement, along with Mogo’s ~13% ownership in WonderFi, provide our shareholders with meaningful exposure to this asset class.”

For 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 investment portfolio of $24.5 million. Mogo’s assets also include 87 million common shares (approximately 13% of the shares outstanding) of WonderFi Technologies Inc. (TSX: WNDR), one of the largest regulated crypto investing ecosystems in Canada.

About Mogo

Mogo Inc. (MOGO) 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 (TSX:WNDR). Mogo offers simple digital solutions to help its members dramatically improve their path to wealth-creation and financial freedom. MOGO offers commission-free stock trading that helps users thoughtfully invest based on a Warren Buffett approach to long-term investing – while also making a positive impact with every investment. Moka offers Canadians a real alternative to mutual funds and wealth managers that overcharge and underperform with a fully managed investing solution based on the proven outperformance of an S&P 500 strategy, and at a fraction of the cost. Through its wholly owned digital payments subsidiary, Carta Worldwide, Mogo also offers a low-cost payments platform that powers next-generation card programs for companies across Europe and Canada. The Company, which was founded in 2003, has approximately 200 employees across its offices in Vancouver, Toronto, London & Casablanca.

Previous Article

TiFi Illuminates Crypto Market by Burning $4 M Worth of Token

Next Article

Here is How Many Bitcoins Microstrategy MSTR have Now

You might be interested in …

NFLX Netflix

Netflix (NFLX) Rise on Strong Q3 Earnings Report

Netflix Inc (NFLX) reported strong third-quarter results that topped market expectations. The third-quarter revenue came up to $7.93 billion, a 5.9% increase year-over-year ($7.48 billion in the same period a year ago)