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