FinTech Mogo to Invest 1.5% of Total Assets in Bitcoin

​Mogo, a Canadian financial tech firm, announced that it plans to make an initial corporate investment of up to $1.5 million, which represent approximately 1.5% of Mogo's total assets as of the end of the third quarter of 2020, into bitcoin.

Further, the company said that it will consider additional investments in 2021 as it monetizes its $17 million investment portfolio.

The initial financial investment is made on the basis of the company's significant product development related investments in bitcoin over the last several years, including MogoCrypto, the easiest way to buy and sell bitcoin in Canada, and its bitcoin rewards program.

“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. In addition, we believe bitcoin represents an attractive investment for our shareholders with significant long-term potential as its adoption continues to grow globally,” said Greg Feller, President and CFO of Mogo. “We plan to initially allocate a modest portion of our capital toward bitcoin investments and will consider additional investments in bitcoin as we monetize some of our existing $17 million portfolio which we expect to begin doing in 2021.”

Mr. Feller added: “As the only well-established Canadian company publicly traded on the TSX and NASDAQ, offering a simple and low-cost way to buy and sell bitcoin through our award-winning app, we are well positioned to capitalize on the fast-growing demand for bitcoin.”