Mogo Stock Surges 200% After $50M Bitcoin Investment Announcement

• Mogo Inc. (MOGO) shares surged nearly 200% to a 52-week high of $3.83 after announcing a $50 million Bitcoin (BTC) allocation for its treasury strategy focused on capital preservation and innovation.
• The fintech, a pioneer since launching Canada’s first Bitcoin account in 2018, was the third U.S.-listed company to add Bitcoin to its balance sheet in 2020, following MicroStrategy (MSTR) and Block (SQ).
• Mogo’s strategy, supported by its role in the 2023 Coinsquare-WonderFi merger now set for acquisition by Robinhood (HOOD), aims to build a significant Bitcoin reserve over time.

Mogo Inc. (MOGO) saw its stock price soar nearly 200% in early trading on Wednesday, reaching a 52-week high of $3.83, following the announcement that its Board of Directors approved a $50 million allocation to Bitcoin (BTC) as part of its treasury strategy focused on long-term capital preservation and product innovation. The Vancouver-based fintech, a pioneer in digital wealth and payment solutions, is doubling down on its nearly decade-long commitment to cryptocurrencies. Since launching Canada’s first Bitcoin account in 2018 and becoming the third U.S.-listed company to add Bitcoin to its balance sheet in 2020 – following MicroStrategy (MSTR) and Block Inc. (SQ), and ahead of Tesla, Inc. (TSLA) – Mogo has positioned itself as a leader in digital asset integration.

The company’s strategic move comes on the heels of its pivotal role in the 2023 merger of Coinsquare and WonderFi, which formed Canada’s largest independent crypto platform, now set to be acquired by Robinhood (HOOD). Greg Feller, Mogo’s President and Co-Founder, emphasized the company’s conviction in Bitcoin, stating, “Building on our history and experience in crypto, we’re making a long-term strategic commitment to Bitcoin, backed by deep conviction and the flexibility to build a meaningful Bitcoin reserve that aligns with our capital priorities and market outlook.” This $50 million allocation, to be funded through available cash, reflects a disciplined, multi-year approach to building a substantial Bitcoin position. The market’s enthusiastic response underscores investor confidence in Mogo’s crypto-focused strategy, though Bitcoin’s volatility warrants cautious optimism.

With markets facing a shortened trading week due to an early close on Thursday and a full closure on Friday for Independence Day, Mogo’s bold strategy positions it to capitalize on the growing institutional adoption of digital assets while navigating an evolving financial landscape.

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