Mogo Reports New Minority Investment In US Crypto Exchange Gemini's $400M Financing

Author: Benzinga Newsdesk | November 23, 2021 11:48am

Winklevoss-led company raises US$400 million to help build decentralized metaverse

Mogo’s ~ $150 million portfolio includes strategic investments in crypto platforms, digital assets and gaming

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO) (“Mogo” or the “Company”), a digital payments and financial technology company, today announced a new minority investment in Gemini’s recently completed US$400 million financing, which was led by Morgan Creek Digital. Gemini, founded by brothers Tyler and Cameron Winklevoss, is one of the leading cryptocurrency exchanges in the U.S. market.

The investment in Gemini adds to Mogo’s growing portfolio of strategic investments focused on the expanding ecosystem that Mogo is operating in, including crypto, gaming and the emerging metaverse. At the last quarter end, the Company’s digital assets and investments (including Mogo’s book value of its investments in Coinsquare) totaled approximately $150 million1. The portfolio includes investments in:

• Coinsquare, one of Canada’s leading crypto platforms (of which Mogo owns
  approximately 39%).
• Tetra Trust, Canada’s first qualified custodian for cryptocurrency assets.
• Enthusiast Gaming (NASDAQ:EGLX, TSX:EGLX), a fast-growing media platform for video game and esports fans to connect and engage worldwide.
• Eleven Gaming, a Toronto-based professional esports organization.
• Tiidal Gaming (CSE:TIDL), a professional esports, betting & entertainment organization.
• The portfolio also includes investments in Bitcoin and Ethereum.

“Over the past year or more, we have been migrating our investment portfolio from legacy investments into businesses within our broader ecosystem that have significant stand-alone growth potential and, equally important, bring strategic value to Mogo and deepen our expertise in areas that we believe are increasingly relevant for a next-gen fintech platform and digital wallet,” said Greg Feller, President and CFO of Mogo.

1 Includes the fair value of the warrants to acquire up to an additional 10% of the issued and outstanding Coinsquare shares.

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