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Fintech Firm Mogo Forms Ventures Unit to Manage Its Mostly Crypto-Related Investments
Among Mogo’s investments are a 39% stake in crypto exchange Coinsquare, and holdings of bitcoin and ether.
Updated May 11, 2023, 7:11 p.m. Published Mar 23, 2022, 3:27 p.m.
Canadian fintech company Mogo (MOGO) created Mogo Ventures to manage its C$124 million (US$99 million) investment portfolio.
- Mogo Ventures will be led by Mogo CEO Greg Feller, along with a newly formed investment committee helmed by veteran investor and trader Michael Wekerle, according to a company statement.
- Of the C$124 million portfolio, C$103.8 million is from a 39% stake in Canadian crypto exchange Coinsquare. There’s also C$1.7 million of bitcoin and ether holdings. Investments in crypto and Web 3 platforms such as Gemini, NFT Trader and Tetra Trust, as well as stakes in Enthusiast Gaming (EGLX) and Eleven Gaming account for the remainder.
- Mogo’s shares are up nearly 20% in Nasdaq trading on Wednesday following the company reporting a 70% year-over-year gain in revenue in Q4 to a record C$17 million, as well as a buyback plan of up to $10 million in stock.
- “While our primary focus is to invest in our platform and new products, the market volatility may continue to present attractive buying conditions periodically,” Feller said in the earnings statement. “Our strong balance sheet puts us in a position to take advantage of those situations on behalf of our shareholders.”
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