Canadian fintech business Mogo Ventures is all set to oversee its C$124 million ($99 million) investment portfolio. According to a business statement, Mogo Ventures will be overseen by Mogo CEO Greg Feller and a newly created investment committee led by renowned investor and trader Michael Wekerle.
A 39 percent stake in Canadian cryptocurrency exchange Coinsquare accounts for C$103.8 million of the portfolio’s C $124 million.cThere are also bitcoin (BTC) and ether (ETH) assets worth C$1.7 million. The rest is split between cryptocurrency and Web 3 platforms including Gemini, NFT Trader, and Tetra Trust, as well as interests in Enthusiast Gaming (EGLX) and Eleven Gaming.
Mogo’s stock is up over 20% in Nasdaq trading on Wednesday after the firm reported a 70% year-over-year increase in revenue in Q4 to a record C$17 million, as well as a $10 million stock repurchase plan.
Feller further detailed the following:
“While our major emphasis is on expanding our platform and developing new products, market turbulence may occasionally create excellent buying opportunities. Because of our robust balance sheet, we are able to take advantage of these opportunities on behalf of our shareholders.”