Mogo Inc. Diversifies Treasury with Bitcoin Investment Strategy
Mogo Inc.’s Strategic Shift Towards Bitcoin
Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a Canadian digital wealth and payments company, has revealed a new approach to treasury management. The company now includes Bitcoin and Bitcoin ETFs in its investment strategy, with an initial allocation of up to $5 million.
Greg Feller’s Confidence in Bitcoin
Greg Feller, President of Mogo Inc., expressed optimism in Bitcoin as a long-term investment. He highlighted recent regulatory approvals for spot Bitcoin ETFs and investments by major asset managers like Fidelity and BlackRock as indicators of Bitcoin’s growing legitimacy as a global asset.
Mogo’s Commitment to Digital Assets
Since 2020, Mogo has been active in the cryptocurrency space. The company also emphasized its 13% ownership in WonderFi Technologies Inc., a regulated crypto investing ecosystem in Canada. This ownership showcases Mogo’s dedication to providing shareholders with significant exposure to digital assets.
Financial Snapshot of Mogo
As of September 30, 2023, Mogo reported $43.7 million in cash and total investments. This included $19.3 million in cash and restricted cash, along with an investment portfolio valued at $24.5 million.
Mogo’s Growth and Offerings
Founded in 2003, Mogo serves over 2 million members and facilitates an annual payments volume of $9.9 billion. The company offers various financial products for wealth creation and financial freedom, including commission-free stock trading and a managed investing solution through its subsidiary Moka. Additionally, Mogo’s digital payments platform, Carta Worldwide, provides cost-effective card program solutions in Europe and Canada.
InvestingPro Insights on Mogo
InvestingPro data reveals that Mogo’s market capitalization is $52.28 million, reflecting its position in the digital wealth and payments sector. Despite a negative adjusted P/E ratio, Mogo has shown a strong price total return over the last week. The company’s stock has also seen significant returns over the past month and three months, indicating positive market sentiment and investor confidence.
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This article was created with the support of AI and reviewed by an editor to ensure accuracy and quality.
