The Vancouver fintech’s stock shot up more than 225 per cent Wednesday morning after announcing plans to spend $50 million on bitcoin. That’s equivalent to the expected value of its cash and investments after Robinhood’s acquisition of portfolio company WonderFi closes in the second half of the year. Mogo’s stock closed the day up 112 per cent. (The Logic)
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The Vancouver fintech’s stock shot up more than 225 per cent Wednesday morning after announcing plans to spend $50 million on bitcoin. That’s equivalent to the expected value of its cash and investments after Robinhood’s acquisition of portfolio company WonderFi closes in the second half of the year. Mogo’s stock closed the day up 112 per cent. (The Logic)
Talking point: Mogo is hopping on the bitcoin treasury bandwagon, joining the growing number of companies that are loading their balance sheets with the digital asset this year in the hopes of replicating the wild stock market success of Michael Saylor’s software-maker-turned-bitcoin-buyer Strategy. Mogo added bitcoin and ether to its balance sheet in 2021 before deciding to pivot away from crypto when the market crashed the following year. In March, Canada-founded Hut 8 announced it would team up with Eric Trump to launch a bitcoin mining business with a Strategy-like bitcoin accumulation model. Critics worry the proliferation of bitcoin treasury copycats poses a systemic risk to the market.
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