Mogo, a leading digital wealth and payments platform, has announced a significant update to its treasury management strategy, incorporating Bitcoin and Bitcoin ETFs into its investment portfolio.
The company’s Board of Directors has officially approved the inclusion of Bitcoin and Bitcoin ETFs, authorizing an initial investment of up to USD 5.0 million. This decision underscores Mogo’s commitment to embracing innovative investment opportunities and aligning with the evolving landscape of digital assets.
Mogo’s early involvement in crypto investing, dating back to 2020, has positioned the company as a trailblazer in the industry. With a firm belief in the long-term investment potential of Bitcoin, Mogo recognizes its unique store-of-value qualities and the growing acceptance of cryptocurrencies as a legitimate global asset class.
Recent regulatory approvals of spot Bitcoin ETFs and commitments from major asset managers like Fidelity and BlackRock further validate Mogo’s stance on Bitcoin’s significance in the financial markets.
In addition to bolstering its investment strategy, Mogo’s move to include Bitcoin aligns with its broader vision of providing shareholders with substantial exposure to the burgeoning crypto asset class. The company’s ownership stake in WonderFi Technologies Inc., a regulated crypto investing ecosystem in Canada, further enhances shareholder value and diversifies Mogo’s investment portfolio.
As of its recent financial report, Mogo reported cash and total investments amounting to USD 43.7 million. This includes combined cash and restricted cash of USD 19.3 million and an investment portfolio valued at USD 24.5 million.