10:51 AM EDT, 07/02/2025 (MT Newswires) -- Shares in Mogo ( MOGO ) , a Canadian digital wealth and lending platform, have doubled on Wednesday after the company's board authorized the allocation of up to US$50 million in Bitcoin as part of its long-term capital preservation and product innovation strategy.

"This allocation gives us the flexibility to build a meaningful position over time as part of a disciplined, multi-year strategy," said Mogo ( MOGO ) President Greg Feller.

Mogo ( MOGO ) expects to hold near $50 million in cash and investments, following the anticipated close of the WonderFi-Robinhood transaction in the second half of 2025. The company has an initial goal to scale to a $50 million investment in Bitcoin based on staged investments over time, while keeping adequate working capital for the operating business.

Bitcoin will be integrated across Mogo's ( MOGO ) core businesses.

Shares of the company were last seen up near 100% at $3.40 on the TSX.

Price: 3.51, Change: +1.77, Percent Change: +101.72