Mogo Adds 146 ETH to Firm's Balance Sheet, Plans to Turn 5% of Its Portfolio Into Crypto Assets

Wednesday 05 May 2021, 3:58 PM AEST - 1 week ago

Mogo Adds 146 ETH to Firm's Balance Sheet, Plans to Turn 5% of Its Portfolio Into Crypto Assets

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 firms corporate investment in bitcoin, as well as offering bitcoin rewards for the companys 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 companys 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 firms 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 firms 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.

Mogo plans to invest up to 5% of its cash and investment portfolio value in cryptocurrencies, the company said on Tuesday.

This initial investment in Ether complements our earlier investments in Bitcoin and r ...

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