Canadian Mojo Company Invests $ 1.5 Million in Bitcoin, Planning to Distribute More Next Year

On December 23, 2020, Canadian financial technology company Mogo announced its plans to invest 1.5% of the company’s reserve assets in bitcoin by the end of the year. Mogo’s president and CFO said the initial corporate investment of up to $ 1.5 million in bitcoin builds on the company’s product development related investments in bitcoin over the past few years.

Ever since Microstrategy purchased bitcoin to replace a percentage of the company’s reserves, a large number of companies followed bitcoin’s balance sheet model. At the time of publication, there are now 28 publicly listed companies, private companies, and ETF-like funds represented on the web portal The 28 entities have a whopping 1,150,622 BTC worth over $ 27 billion using today’s exchange rates or 5.48% of supply.

On Wednesday, the publicly listed Canadian company Mogo (NASDAQ: MOGO) (TSX: MOGO) announced it will dedicate 1.5% of the company’s total assets to bitcoin. The established fintech company will join the 28 entities that have added bitcoin (BTC) to company portfolios.

“[Mogo] it plans to make an initial corporate investment of up to $ 1.5 million in bitcoin and will consider additional investments in 2021, as it evaluates its $ 17 million investment portfolio, ”the company revealed. “The initial purchase would represent approximately 1.5% of Mogo’s total assets at the end of the third quarter of 2020.”

Mogo has already been dedicating energy towards the cryptocurrency economy and in 2018 the company launched the Mogocrypto app. The application allows Canadian consumers to buy and sell bitcoin (BTC) by using their smartphones. More recently, Mogo announced the launch of a bitcoin rewards program that rewards users in bitcoin if they interact with Mojo products.

“Earlier this month, Mogo reported a 135% month-on-month increase in the value of bitcoin dollars traded on the Mogo platform between October 2020 and November 2020,” the company added.

“We strongly believe in bitcoin as an asset class and believe this investment is consistent with our goal of making bitcoin investing available to all Canadians,” said company president and CFO Greg Feller during the day’s announcement Wednesday. “In addition, we believe bitcoin is an attractive investment for our shareholders with significant long-term potential as adoption continues to grow globally,” he added.

Feller continued by stating:

We plan to initially allocate a modest share of our capital toward bitcoin investments and will consider additional investments in bitcoin as we monetize some of our existing $ 17 million portfolio, which we expect to begin in 2021.

The recent news from Mogo follows Elon Musk discussing putting Tesla billions into bitcoin with Microstrategy CEO Michael Saylor. It also follows the $ 745 million purchase of Ruffer Investment made with the help of the crypto exchange in San Francisco, Coinbase and One River Digital. Coinbase has been helping many companies with major transactions as the company also brokered Microstrategy’s $ 425 million influential bitcoin purchase.

Mojo apparently has its own method of buying large quantities of bitcoin (BTC) by ordering its own trading platform. “As the only established Canadian company that publicly traded on the TSX and NASDAQ, offering a simple and low-cost way to buy and sell bitcoin through our award-winning app, we are well placed to capitalize on growing demand fast. for bitcoin, ”concluded president Mojo.

What do you think about all the companies that are starting to hold bitcoin on their balance sheets? Let us know what you think of this topic in the comments section below.

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bitcoin reserves, bitcoin awards,, financial technology Candian, CFO, Coinbase, Companies that buy bitcoin, Elon Musk, Fintech, Greg Feller, michael saylor, microstrategy, Mogo App, Mogo platform, Mojo, Mojocrypto, nasdaq, ruffer investment, TSX

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