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Mogo Adds Bitcoin to Its Treasury Management Strategy
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), 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.
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