Share this article
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.
Make us preferred on Google
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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
