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Mogo Acquires 20% Stake In Coinsquare For $56.4M

February 11, 2021 10:45 am
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  • Mogo Inc. (NASDAQ: MOGO) inked an agreement to acquire a 19.99% stake in Canada’s digital asset trading platform Coinsquare Ltd for $56.4 million.
  • The agreement includes an additional acquisition right of a 20% stake in Coinsquare through purchases of shares from current shareholders for a consideration based on pre-money valuation ranging between $250 million and $350 million.
  • The investment builds on a multi-year relationship between the two companies as Coinsquare is the trading platform for Mogo’s bitcoin trading service MogoCrypto.
  • Mogo will appoint one nominee to Coinsquare’s board, which may increase to two nominees. Coinsquare will be allowed to appoint one nominee to the Mogo’s board.
  • The agreement is expected to close by the first quarter of 2021.
  • Mogo recently posted a robust bitcoin transaction volume in January. The company had declared preliminary corporate investment plans of up to $1.5 million in bitcoin with further investment plans in 2021 upon the monetization of its $17 million investment portfolio.
  • Price action: MOGO shares are up 5.2% at $9.54 on the last check Thursday.

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