Specifically, the company's Board of Directors has approved the inclusion of Bitcoin and Bitcoin ETFs, authorising an initial investment of up to USD 5.0 million. In the company press release, officials from Mogo highlighted the company's early involvement in crypto investing, dating back to 2020. They also emphasised their belief in the long-term investment potential of Bitcoin and cited recent regulatory approvals of spot Bitcoin ETFs and the commitments from major asset managers such as Fidelity and BlackRock as reinforcing their view of Bitcoin as a legitimate global asset class with unique store-of-value qualities.
They also noted that this move, alongside Mogo's significant ownership in WonderFi, offers shareholders substantial exposure to the asset class. Mogo recently reported cash and total investments amounting to USD 43.7 million. This included combined cash and restricted cash of USD 19.3 million and an investment portfolio of USD 24.5 million. Additionally, the company press release reveals that Mogo holds approximately 87 million common shares (approximately 13% of shares outstanding) of WonderFi Technologies Inc., which is a regulated crypto investing ecosystem in Canada.
Mogo is headquartered in Vancouver, Canada, and it maintains a ~13% equity stake in Canada’s Crypto Exchange WonderFi. Mogo offers digital solutions aimed at improving members' paths to wealth creation and financial freedom, including commission-free stock trading and a managed investing solution based on the S&P 500 strategy.
Through its subsidiary Carta Worldwide, Mogo provides a low-cost payments platform for next-generation card programmes in Europe and Canada. The company, founded in 2003, operates across offices in Vancouver, Toronto, London, and Casablanca.
In February 2024, Mogo announced the expansion of its collaboration with Data Cloud firm Snowflake. According to the company press release, the collaboration allowed Mogo to leverage Snowflake Data Cloud as the foundation for its Wealth products. The move focused on increasing the company’s processing time and efficiency, as well as enabling the deployment of new artificial intelligence (AI) applications to support consumers in investing, building wealth, and achieving financial freedom.
Mogo representatives highlighted that, as the company continues to develop a scalable technology platform, Mogo aims to support its existing and new members by using Snowflake’s secure Data Cloud offering. Snowflake’s solution is set to provide further efficiencies and increase performance at the same time.
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