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While interest in spot Bitcoin ETFs continues to increase day by day, another company announced that it will invest in ETFs.
According to the Financial Times, Mogo Inc., a digital asset and payment company, announced that they plan to invest $ 5 million in Bitcoin (BTC) and Bitcoin ETFs.
Nasdaq-listed Mogo Inc. announced today that its Board of Directors has approved a change to its treasury management strategy to include Bitcoin and Bitcoin ETFs, allowing an initial investment of up to $5 million.
Mogo Inc. President Greg Feller stated in his statement that Mogo invested in Bitcoin for the first time in 2020 and said:
“Mogo first invested in Bitcoin in 2020, becoming one of the first companies to enter crypto investing in North America.
We continue to believe that Bitcoin offers a long-term investment opportunity.
Our decision to invest in spot Bitcoin ETFs supports our view that Bitcoin is a legitimate global asset class with attractive qualities that make it a unique store of value.
Today's announcement, along with Mogo's ~13% stake in WonderFi, provides our shareholders with meaningful access to this asset class.”
For the third quarter ending September 30, 2023, Mogo reported cash and total investments of $43.7 million. Mogo's holdings also include 87 million common shares (approximately 13% of outstanding shares) of WonderFi Technologies Inc. (TSX: WNDR), one of the largest regulated crypto investment ecosystems in Canada.
*This is not investment advice.