In 2018, Mogo launched Canada’s first Bitcoin account.
By 2020, the Vancouver-born fintech had became one of the first North American firms to add Bitcoin to its balance sheet, following MicroStrategy and Block.
This month, the Canadian company announced that its Board of Directors has authorized the allocation of up to $50 million to Bitcoin as part of Mogo’s “long-term capital preservation and product innovation strategy.”
“Building on our history and experience in crypto, we’re making a long-term strategic commitment to Bitcoin,” says Greg Feller, who cofounded Mogo back in 2003.
Feller says Mogo’s commitment is “backed by deep conviction and the flexibility to build a meaningful Bitcoin reserve that aligns with our capital priorities and market outlook.”
“This allocation gives us the flexibility to build a meaningful position over time as part of a disciplined, multi-year strategy,” he said.
Signalling Mogo’s “deep conviction,” Feller says Mogo will now assess all capital deployment decisions against a Bitcoin hurdle rate. From M&A to internal investments, the company will only allocate capital to opportunities that are expected to outperform the long-term return profile of holding Bitcoin.
“This sets a new bar for capital discipline,” Feller posits. “If we don’t believe an initiative can deliver better long-term value than Bitcoin, we won’t pursue it—that simple.”
Mogo was a significant shareholder of WonderFi when US trading giant Robinhood Markets acquired the Toronto-based crypto conglomerate in a $250 million all-cash deal earlier this year.
Following the anticipated close of the WonderFi–Robinhood transaction later this year, Mogo expects to hold approximately $50 million in cash and investments. However, the fintech doesn’t intend to simply to buy $50M worth of BTC at once; instead, the B.C. firm plans to acquire Bitcoin via “staged investments over time, while keeping adequate working capital for the operating business.”
This approach reinforces Bitcoin’s role not just as a treasury asset, but as a strategic benchmark for evaluating value creation across the organization, according to a statement from Mogo.
“We’re not just holding Bitcoin,” Feller asserts. “We’re building a business we believe can scale to over a billion dollars in enterprise value [and] our goal is to grow a similarly scaled Bitcoin reserve alongside it.”
Feller believes that this “dual-compounding model”—operating growth plus a dedicated Bitcoin reserve—is something “few companies are positioned to achieve.”
Mogo is also gently pushing Bitcoin adoption on its users, offering educational content around the strategic asset but stopping short of promoting the coin “as a default solution.”
“This is about building financial independence for our members, not chasing returns,” Feller said. “We believe Bitcoin will play a growing role in how capital is stored, allocated, and judged, and we’re building Mogo to lead in that future.”
Mogo trades publicly on the Toronto Stock Exchange and NASDAQ as MOGO.
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