Mogo Inc. diversifies with’s Bitcoin investment strategy

© Reuters

VANCOUVER – Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a Canadian digital assets and payments company, has announced a strategic realignment of its treasury management to launch Bitcoin ETFs with an initial investment approval of up to $5 million. include dollars.

Mogo Inc. President Greg Feller expressed the company’s continued confidence in Bitcoin as a long-term investment, citing recent regulatory approval of spot Bitcoin ETFs and investments by major asset managers such as Fidelity and BlackRock (NYSE:) as confirmation of this The Legitimacy of Bitcoin as a Global Asset Class.

The company, which has been active in the cryptocurrency space since 2020, also highlighted its approximately 13% stake in WonderFi Technologies Inc. (TSX: WNDR), a leading regulated crypto investment ecosystem in, as part of its commitment to deliver to shareholders Canada has significant exposure to digital assets.

As of the third quarter ended September 30, 2023, Mogo reported having $43.7 million in cash and total investments, including $19.3 million in cash and restricted cash, as well as an investment portfolio worth of $24.5 million.

Founded in 2003, Mogo has grown to over 2 million members and has an annual payment volume of $9.9 billion. The company, through its subsidiary Moka, offers a range of financial products aimed at wealth creation and financial freedom, including commission-free stock trading and a managed investment solution.

Additionally, Mogo’s digital payments platform Carta Worldwide offers cost-effective card program solutions in Europe and Canada.

This news development is based on a press release from Mogo Inc.

Investing Pro Insights

As Mogo Inc. diversifies its treasury into Bitcoin and Bitcoin ETFs, investors may be interested in the company’s recent performance metrics and market sentiment. According to InvestingPro data, Mogo’s market cap is a modest $52.28 million, reflecting the company’s size in the digital assets and payments sector. Despite a negative adjusted P/E ratio of -1.18 for the trailing twelve months (as of Q3 2023), suggesting that the company is not currently profitable, Mogo has a significant return over the last week with a total price return of 10.47% achieved.

InvestingPro Tips highlight that Mogo stock has delivered a strong return over the last month and over the past three months, with a total price return of 31.87% for both periods. This could indicate growing investor confidence or a positive market reaction to the company’s strategic moves. Additionally, Mogo shares trade with high price volatility, which may be attractive to certain investors looking for dynamic trading opportunities.

For those who want to delve deeper into Mogo’s financial health and future prospects, InvestingPro offers additional tips and metrics. Interested readers can find out more at and benefit from an exclusive offer with the voucher code PRONEWS24 to receive an additional 10% discount on an annual or two-year Pro and Pro+ subscription. With 10 more InvestingPro

With the tips available, investors can gain a comprehensive understanding of Mogo’s financial landscape and make informed decisions.

This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.

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