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Mogo to Almost Double Stake in Coinsquare Crypto Exchange for up to $48.6M

Nasdaq-listed Mogo plans to lift its ownership position in the Canadian exchange to about 37%.

Updated Sep 14, 2021, 12:55 p.m. Published May 13, 2021, 2:01 p.m.

Mogo Inc., a Canadian financial app provider listed on Nasdaq (MOGO) and the Toronto Stock Exchange, is set to increase its ownership of the cryptocurrency exchange Coinsquare.

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Mogo will buy 2.2 million common shares of Coinsquare from Riot Blockchain and exercise options to buy 3.2 million shares from existing investors, the company announced Thursday.
The purchases will boost Mogo’s stake from 19.9% to approximately 37% and cost as much as $48.6 million. The firm has the choice of paying in cash or stock.
The purchase from Riot is expected to be completed later this month, and the options transaction by early June.
Vancouver-headquartered Mogo announced its initial investment in February.
The firm was founded in 2003 and had an initial public offering on the TSX in June 2015. It has a market cap capitalization of more than $450,000 on the Nasdaq.
At the time of publication, Mogo's Nasdaq shares were up 4.8% at $7.42.

investment Coinsquare Mogo

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.