On Tuesday, the Nasdaq-listed Canadian company Mogo revealed the firm has purchased 146 ether at an average price of $2,780. The move follows the firmâ€™s corporate investment in bitcoin, as well as offering bitcoin rewards for the companyâ€™s mortgage and card clients. The company plans to keep 5% of its balance sheet assets in digital currencies.
After Adding Bitcoin to the Balance Sheet, Mogo Stacks Ether
The Vancouver-based Mogo (Nasdaq:MOGO), a fintech firm that provides various financial services has announced the corporate purchase of ethereum (ETH). The ethereum investment follows the companyâ€™s initial bitcoin purchase back in December 2020.
Mogo has been interested in blockchain and crypto solutions for a few years now. At the end of March, Mogo mortgage clients were offered bitcoin rewards if they got a mortgage through the company or refinanced an existing property.
On May 3, Mogo explained that it obtained 146 ETH for around $2,780 per unit. Both the bitcoin and the recent ETH investments are part of the firmâ€™s plans to increase the company balance sheet with fintech and blockchain investments.
5% of Mogos Portfolio Will be Valued in Crypto Assets
Last week, Mogo sold the firmâ€™s investment in Vena Solutions for $4.7 million and saw a yield of 116%. The company made decent money on the 18 BTC it purchased back in December as well, as Mogo paid an average price of $33,083 per unit.
â€œMogo plans to invest up to 5% of its cash and investment portfolio value in cryptocurrencies,â€ the company said on Tuesday.
â€œThis initial investment in Ether complements our earlier investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform,â€ Greg Feller, President and CFO of Mogo detailed during the announcement.
Mogo is one of many firms represented on the website bitcointreasuries.org and the added ETH is not represented on that web portal, as the site only focuses on bitcoin-based treasuries. One company that does have ethereum on its balance sheet is the China-based smartphone and internet app maker Meitu. Mark Cubanâ€™s Dallas Mavsâ€™ online shop ostensibly holds dogecoin (DOGE).
As far as the numbers on bitcointreasuries.org are concerned, the entire lot of companies and hedge funds hold over $77 billion worth of BTC, more than 1.4 million bitcoins, and approximately 6.78% of the entire BTC supply.
What do you think about Mogoâ€™s investment in ethereum? Let us know what you think about this subject in the comments section below.
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