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%.

May 13, 2021 at 2:01 p.m. UTC

Updated Sep 14, 2021 at 12:55 p.m. UTC

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.

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.

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