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Mogo Adds 146 ETH to Firm’s Balance Sheet, Plans to Turn 5% of Its Portfolio Into Crypto Assets – Finance Bitcoin News

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Mogo Adds 146 ETH to Firm’s Balance Sheet, Plans to Turn 5% of Its Portfolio Into Crypto Assets – Finance Bitcoin News


On Tuesday, the Nasdaq-listed Canadian company Mogo revealed the firm has purchased 146 ether at an average price of $2,780. The move follows the firm’s corporate investment in bitcoin, as well as offering bitcoin rewards for the company’s mortgage and card clients. The company plans to keep 5% of its balance sheet assets in digital currencies.

After Adding Bitcoin to the Balance Sheet, Mogo Stacks Ether

The Vancouver-based Mogo (Nasdaq:MOGO), a fintech firm that provides various financial services has announced the corporate purchase of ethereum (ETH). The ethereum investment follows the company’s initial bitcoin purchase back in December 2020.

Mogo has been interested in blockchain and crypto solutions for a few years now. At the end of March, Mogo mortgage clients were offered bitcoin rewards if they got a mortgage through the company or refinanced an existing property.

On May 3, Mogo explained that it obtained 146 ETH for around $2,780 per unit. Both the bitcoin and the recent ETH investments are part of the firm’s plans to increase the company balance sheet with fintech and blockchain investments.

5% of Mogos Portfolio Will be Valued in Crypto Assets

Last week, Mogo sold the firm’s investment in Vena Solutions for $4.7 million and saw a yield of 116%. The company made decent money on the 18 BTC it purchased back in December as well, as Mogo paid an average price of $33,083 per unit.

“Mogo plans to invest up to 5% of its cash and investment portfolio value in cryptocurrencies,” the company said on Tuesday.

“This initial investment in Ether complements our earlier investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform,” Greg Feller, President and CFO of Mogo detailed during the announcement.

Mogo is one of many firms represented on the website bitcointreasuries.org and the added ETH is not represented on that web portal, as the site only focuses on bitcoin-based treasuries. One company that does have ethereum on its balance sheet is the China-based smartphone and internet app maker Meitu. Mark Cuban’s Dallas Mavs’ online shop ostensibly holds dogecoin (DOGE).

As far as the numbers on bitcointreasuries.org are concerned, the entire lot of companies and hedge funds hold over $77 billion worth of BTC, more than 1.4 million bitcoins, and approximately 6.78% of the entire BTC supply.

What do you think about Mogo’s investment in ethereum? Let us know what you think about this subject in the comments section below.

Tags in this story
Balance Sheet, Bitcoin, Bitcoin (BTC), crypto assets, Cryptocurrencies, Digital Asset treasury, ETH, ether, Ethereum, Ethereum (ETH), Mogo, Nasdaq-listed firm, publicly listed, Treasury

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Bitcoin News

South Korean Police Raid Crypto Exchange Allegedly Involved in a $214M Multi-Level Marketing Fraud – Bitcoin News

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South Korean Police Raid Crypto Exchange Allegedly Involved in a 4M Multi-Level Marketing Fraud – Bitcoin News


Authorities in South Korea have launched a major raid against a domestic crypto exchange allegedly involved in a millionaire multi-level marketing (MLM) fraud. The police accuse V Global platform of running an illicit operation that reportedly stole hundreds of millions of dollars from investors.

Masterminds Could Have Defrauded Over 40,000 People

According to Yonhap, police obtained a court order to conduct searches into 22 properties connected with the crypto firm, including its headquarters based in the financial district of Gangnam in Seoul.

Although local media outlets refused to disclose the identity of the crypto exchange raided by the police in the first instance, social media users started to make their bets on V Global possibly being involved in the saga. In fact, Hanguk Kyungjae confirmed the news on Wednesday.

Investigators involved in the case believe that the company’s CEO identified by the media as “Lee” could have been allegedly “selling cryptocurrency using multi-level marketing methods.”

That said, a court in Seoul ordered to freeze assets belonging to the company worth $214 million as of press time.

As typical in MLM fraudulent schemes, authorities said the operation posed as a parent company of known domestic crypto exchanges like Upbit, with the premising of guaranteeing high-yield incomes for those who invest into their bogus trading platform.

SBS reports that CEO and his accomplices are accused of defrauding over 40,000 members from August 2020.

MLM Projects Heavily Regulated in South Korea

Currently, the V Global website in its desktop version shows a technical error message, saying that it could take “about 4 hours” to fix the inconveniences. However, that message has been online for over a day. However, its mobile website points out that an error in the transaction systems has been spotted “and is under investigation.”

South Korea has a strict policy regulating multi-level marketing projects in the nation, and they’re paying special attention to bogus crypto-related bogus MLM schemes.

Under the law, companies who use such techniques to promote products must abide by the Act of Door-to-Door Sales and should be registered with the Fair Trade Commission.

What are your thoughts on the latest crackdown of a crypto-related MLM alleged fraud in South Korea? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Early Bitcoin bull market buyers are hodling strong, but short term trading increasing

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Early Bitcoin bull market buyers are hodling strong, but short term trading increasing



Bitcoin buyers from the early phases of the bull run are still hodling despite BTC’s meteoric surge into new all-time highs, according to data shared by Glassnode.

The on-chain analytics provider shared its “Realized Cap HODL Waves” chart, noting that the number of coins that were last realized on-chain in the past six months has nearly doubled from roughly 40% to 80% since the third quarter of 2020 — showing that much of the BTC purchased during this period has not been touched since.

HODL Waves are used to estimate the time since BTC coins last moved on-chain, while the realized price is derived from the price the coins were last moved at, rather than the current price. As such, the colored bands shown in the Realized Cap HODL Waves chart increase in thickness “as coins mature or are spent into different age bands.”

The data evidences that a large number of BTC purchased during 2020’s later months have not since been traded, with the chart showing coins progressively maturing from the fourth-quarter 2020 onwards.

Analyzing the chart in its May 3 Weekly On-chain report, Glassnode stated: “These are coins accumulated in the early bull market that have remained dormant since.”

Short term

However, the chart also shows that the share of Bitcoin’s supply represented by coins last active between six months and three years ago has plummeted since mid-2020, dropping from more than 55% in July 2020 to around 10% now. This means long-term investors have been capitalizing on Bitcoin’s all-time highs and realizing profits on multi-year positions.

Short-term speculation also appears to have surged since November, peaking with roughly half of Bitcoin’s supply having been realized in the past three months. This suggests short term traders are driving the markets.