Mogo Inc. Diversify with Bitcoin investment strategy

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VANCOUVER - Mogo Inc. (NASDAQ: MOGO) (TSX: MOGO), a Canadian digital assets and payments company, announced a strategic shift in its treasury management to include Bitcoin and Bitcoin ETF, with Initial investment authorization of up to $5 million.

Greg Feller, President of Mogo Inc., expressed the company's continued confidence in Bitcoin as a long-term investment, citing the recent regulatory approval of Bitcoin spot ETFs and Investments by major asset managers such as Fidelity and BlackRock reinforce Bitcoin's legitimacy as a global asset class.

The company, which has been involved in the crypto space since 2020, also highlighted its approximately 13% ownership in WonderFi Technologies Inc. (TSX: WNDR), a prominent regulated cryptocurrency investment ecosystem in Canada, as part of its commitment to providing shareholders with significant exposure to digital assets.

As of the third quarter ended September 30, 2023, Mogo reported $43.7 million in cash and total invested capital, including $19.3 million in cash and restricted cash, and a portfolio of investment worth 24.5 million USD.

Mogo, founded in 2003, has grown to serve more than 2 million members and boasts an annual payment volume of $9.9 billion. The company offers a suite of financial products aimed at creating wealth and financial freedom, including commission-free stock trading and managed investment solutions through its Moka subsidiary.

Additionally, Mogo's digital payments platform, Carta Worldwide, provides cost-effective card program solutions in Europe and Canada.

This news development is based on a press release statement from Mogo Inc.

Detailed information about InvestingPro

When Mogo Inc. diversifying its treasury into Bitcoin and Bitcoin ETF, investors may be interested in the company's recent performance indicators and market sentiment. According to InvestingPro data, Mogo's market capitalization is a modest $52.28 million, reflecting the company's scale in the payments and digital assets space. Despite a negative adjusted P/E ratio of -1.18 over the past twelve months to Q3 2023, which suggests the company is currently unprofitable, Mogo demonstrated significant profitability last week, with a total price return of 10.47%.

InvestingPro Tips highlights that Mogo shares have posted strong returns over the past month and three months, with a total price return of 31.87% for both periods. This could indicate growing investor confidence or a positive market reaction to the company's strategic moves. Additionally, Mogo's shares trade with high price volatility, which may attract some investors looking for active trading opportunities.

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