Mogo Listed on the Nasdaq Plans to Convert 1.5% of its Cash Reserve into Bitcoin
Canadian company Mogo, listed on the Nasdaq and the Toronto Stock Exchange, has announced plans to convert 1.5% of its cash reserve into Bitcoin (BTC).
Mogo buys Bitcoin
Vancouver-based, publicly traded Mogo wants to convert some of its cash into Bitcoin by the end of the year. Greg Feller, president of Mogo, explained that the company’s initial investment could reach $ 1.5 million. He stated :
“We strongly believe in Bitcoin as an asset class. We believe that BTC represents an attractive investment for our shareholders, with significant long-term potential. ”
Founded in 2003, the Canadian company offers its clients personal loans, mortgages, Visa prepaid cards and other services.
In 2018, the company launched a BTC buy and sell service in the form of a mobile app. Mogo is the only publicly traded and regulated by the nation’s financial policeman (FINTRAC) that offers a Bitcoin exchange service.
Since Microstrategy decided to convert some of its cash into BTC, a large number of companies have followed suit.
According to the Bitcoin Treasuries site, there are 16 listed companies that hold Bitcoin. These 16 entities have 73,300 BTC in their hands, or about $ 1.7 billion.
Manager SkyBridge with $ 9.2 billion in assets under management and founded by former communications director Donald Trump launched a Bitcoin fund in December. He explained the interest of institutional investors in the best-known cryptocurrency:
Mogo buys Bitcoin - /10