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On Tuesday, Canadian company Mogo, which is listed on the Nasdaq, revealed that the company has purchased 146 ethers at an average price of US$2,780. This move follows the company’s corporate investment in Bitcoin and Bitcoin rewards for the company’s mortgage and card customers. The company plans to keep 5% of its balance sheet assets as digital currency.
Vancouver-based Mogo (Nasdaq: MOGO), a financial technology company that provides various financial services, announced the company’s purchase of Ethereum (ETH). The Ethereum investment follows the company’s first purchase of Bitcoin in December 2020.
Mogo has been interested in blockchain and encryption solutions for several years. At the end of March, if Mogo mortgage customers obtain a mortgage or refinance their existing property through the company, they will receive Bitcoin rewards.
On May 3, Mogo explained that it received 146 ETH at a price of $2,780 per unit. Bitcoin and recent Ethereum investments are part of the company’s plan to increase the company’s balance sheet through fintech and blockchain investments.
Last week, Mogo sold the company’s investment in Vena Solutions for $4.7 million, with a yield of 116%. The company also made considerable money on the 18 BTC purchased in December, as the average price paid by Mogo was $33,083 per unit.
The company said on Tuesday: “Mogo plans to invest 5% of its cash and total portfolio value in cryptocurrencies.”
Greg Feller, President and Chief Financial Officer of Mogo, said: “The initial investment in Ether is a complement to our previous investment in Bitcoin and reflects our long-term potential for blockchain technology and its position as a core component of the next-generation financial technology platform. Faith.” Explained in detail in the announcement.
Mogo is one of the many companies represented on the bitcointreasuries.org website and does not represent the added ETH on the portal because the website only focuses on Bitcoin-based Treasury bills. Meitu, a China-based manufacturer of smartphones and Internet applications, is a company that owns Ethereum on its balance sheet. Mark Cuban has Dogecoin (DOGE) on the surface of the Dallas Mavs online store.
In terms of the numbers on bitcointreasuries.org, the entire company and hedge funds hold more than $77 billion worth of BTC, more than 1.4 million bitcoins, accounting for approximately 6.78% of the entire BTC supply.
What do you think of Mogo’s investment in Ethereum? Let us know your thoughts on this topic in the comments section below.
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