Nasdaq-Listed Canadian Firm to Invest Over $1M in Bitcoin

Mogo, a Canadian fintech listed on the Nasdaq and Toronto stock exchanges, has announced it will invest in bitcoin.

STORY CONTINUES BELOW

Recommended for you:

The firm said Wednesday that it plans to make a corporate investment of up to CA$1.5 million (US$1.16 million) in bitcoin, and will consider additional purchases over 2021.
The funds come from its CA$17 million (US$13.2 million) investment portfolio, Mogo indicated.
The initial investment represents around 1.5% of the company's total assets as of the end of Q3 2020.
“We are strong believers in bitcoin as an asset class and believe this investment is consistent with our goal to make bitcoin investing available to all Canadians,” said Greg Feller, Mogo's president and CFO.
The news after a number of public companies have made corporate investments in bitcoin, the top cryptocurrency by market cap, seeking to hedge against a falling dollar and future inflation.
Business intelligence firm MicroStrategy announced Monday that it had made another bitcoin investment worth $650 million. The firm now has 70,470 BTC worth over $1.66 billion in its treasury reserve.
Jack Dorsey's Square put $50 million – 1% of its assets – into bitcoin in October.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.