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Nasdaq-Traded Mogo Acquires Ethereum, Plans to Allocate 5% of Its Cash in Crypto

Ethereum

u.today 03 May 2021 13:40, UTC
  
Reading time: ~2 m

Business Wire has reported that Mogo (a fintech that works with digital payments), whose stocks are traded on the Nasdaq, has allocated part of its cash reserves to buy Ethereum.

Previously, the company already added Bitcoin to its balance sheet, now it is the turn of Ether. Overall, Mogo intends to put up to five percent of its cash reserve and investment portfolio value in cryptocurrencies.

Mogo buys 146 ETH, already holding Bitcoin

The company has spread the word that it had purchased the second biggest digital currency Ethereum – 146 ETH at an average price of $2,780.

At the current price of $3,142, the purchased Ether totals close to half a million USD - $457,834.

This comes in addition to Mogo’s earlier investment in the flagship digital currency, Bitcoin (it holds 18 BTC, totalling $1,054,618 at the current exchange rate bought at an average price of $33,083)), and in Canada’s top-tier crypto asset company Coinsquare.

Mogo bought 20 percent of ownership interest in Coinsquare and it holds an option to raise its stake to 43 percent.

CEO and founder of Mogo, Greg Feller, specified that the current investment in Ethereum compliments the earlier purchase of Bitcoin and proves the company’s long-term bet on the blockchain and currencies based on this disrupting technology.

Ethereum prints $3,140 all-time high

As reported earlier today, Ethereum has posted two consecutive all-time highs on Monday. The latest one has been at the $3,140 level.

The second largest cryptocurrency also reached a new historic peak on Saturday, May 1. Its major cofounder and front-man Vitalik Buterin has now officially turned into the youngest self-made crypto billionaire.

Meanwhile, investors keep withdrawing ETH from crypto exchanges, with the exchange balance of ETH having dropped 44 percent in the past twenty-four hours.

ETH’s biggest rival BNB has been following ETH with reaching all-time highs and topped an ATH of $654 today as well.

The coin’s market cap now totals more than $100 billion – next biggest asset by this metric to Ethereum. 


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