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Mogo to Almost Double Stake in Coinsquare Crypto Exchange for up to $48.6M
Nasdaq-listed Mogo plans to lift its ownership position in the Canadian exchange to about 37%.
Updated Sep 14, 2021, 12:55 p.m. Published May 13, 2021, 2:01 p.m.
Mogo Inc., a Canadian financial app provider listed on Nasdaq (MOGO) and the Toronto Stock Exchange, is set to increase its ownership of the cryptocurrency exchange Coinsquare.
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- Mogo will buy 2.2 million common shares of Coinsquare from Riot Blockchain and exercise options to buy 3.2 million shares from existing investors, the company announced Thursday.
- The purchases will boost Mogo’s stake from 19.9% to approximately 37% and cost as much as $48.6 million. The firm has the choice of paying in cash or stock.
- The purchase from Riot is expected to be completed later this month, and the options transaction by early June.
- Vancouver-headquartered Mogo announced its initial investment in February.
- The firm was founded in 2003 and had an initial public offering on the TSX in June 2015. It has a market cap capitalization of more than $450,000 on the Nasdaq.
- At the time of publication, Mogo's Nasdaq shares were up 4.8% at $7.42.
Read more: Nasdaq-Listed Canadian Firm Mogo Launches Bitcoin Cashback Mortgage Program
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K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
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