On Tuesday, Nasdaq-listed Canadian company Mogo announced that it had purchased 146 ethers at an average price of $ 2,780. The move follows the company’s corporate investment in Bitcoin, as well as offering Bitcoin rewards to the company’s mortgage and card customers. The company plans to hold 5% of its balance sheet assets in digital currencies.
After adding bitcoin to the balance sheet, Mogo stacks ethers
The Vancouver-based Mogo (Nasdaq: MOGO), a fintech company that offers a variety of financial services, has announced the company’s purchase of Ethereum (ETH). The Ethereum investment follows the company’s first Bitcoin purchase in December 2020.
Mogo has been interested in blockchain and crypto solutions for several years. In late March, Mogo mortgage customers were offered Bitcoin rewards if they received a mortgage through the company or refinanced an existing property.
On May 3, Mogo announced that it had received 146 ETH for around $ 2,780 per unit. Both the Bitcoin and the current one ETH Investments are part of the company’s plans to grow the company’s balance sheet through fintech and blockchain investments.
5% of the Mogos portfolio is valued in crypto assets
Last week, Mogo sold the company’s investment in Vena Solutions for $ 4.7 million for a return of 116%. The company made good money on the 18th BTC It was also bought in December 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 previous investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform,” said Greg Feller, President and CFO of Mogo, detailed during the announcement .
Mogo is one of the many companies represented on the website bitcointreasuries.org and the added ETH is not represented on this web portal as the website only focuses on Bitcoin-based treasuries. One company that has Ethereum on its balance sheet is China-based smartphone and internet app maker Meitu. Mark Cuban’s online store in Dallas Mavs reportedly contains Dogecoin (DOGE).
So much for the numbers bitcointreasuries.org Concerned, the total corporations and hedge funds are valued at over $ 77 billion BTCmore than 1.4 million bitcoins and about 6.78% of the total BTC deliver.
What do you think of Mogo’s investment in Ethereum? Let us know what you think on this matter in the comments section below.
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