Mogo Inc., a Canadian financial app provider listed on Nasdaq (MOGO) and the Toronto Stock Exchange, is set to increase its ownership of the cryptocurrency exchange Coinsquare.

  • Mogo will buy 2.2 million common shares of Coinsquare from Riot Blockchain and exercise options to buy 3.2 million shares from existing investors, the company announced Thursday.
  • The purchases will boost Mogo’s stake from 19.9% to approximately 37% and cost as much as $48.6 million. The firm has the choice of paying in cash or stock.
  • The purchase from Riot is expected to be completed later this month, and the options transaction by early June.
  • Vancouver-headquartered Mogo announced its initial investment in February.
  • The firm was founded in 2003 and had an initial public offering on the TSX in June 2015. It has a market cap capitalization of more than $450,000 on the Nasdaq.
  • At the time of publication, Mogo's Nasdaq shares were up 4.8% at $7.42.

Read more: Nasdaq-Listed Canadian Firm Mogo Launches Bitcoin Cashback Mortgage Program

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