Bitcoin financial services company Matador Technologies has received the green light from regulators to sell company shares value as much as C$80 million ($58.4 million) because it goals to succeed in its goal of owning 1,000 Bitcoin by the top of 2026.
Matador said Tuesday that the Ontario Securities Commission had allowed it to issue $58.4 million value of common shares, warrants, subscription receipts, debt instruments or units over a 25-month period.
Matador CEO Deven Soni said the corporate is “focused on increasing Bitcoin per share over time” and can “proceed to focus on a treasury balance of 1,000 Bitcoin by the top of 2026.”
Matador currently holds 175 Bitcoin (BTC) value $15.3 million, making him the ninetieth largest corporate Bitcoin holder, data from BitcoinTreasuries.NET shows.
Matador's chief visionary, Mark Voss, said they may closely monitor Bitcoin's volatility and manage the present market cycle to deploy capital at probably the most opportune time.
Source: Matador Technologies
Shares of Matador (MATA) fell on the news, closing down 3.57% on Tuesday.
More than 190 publicly traded firms now hold Bitcoin on their balance sheets, continuing the trend of institutional Bitcoin adoption following the launch of spot Bitcoin exchange-traded funds within the US last 12 months.
However, many firms that adopted Bitcoin buying strategies saw their stock prices decline as crypto markets declined and the initial hype died down, leading some analysts to query the long-term sustainability of Bitcoin treasury strategies.
Some corporate Bitcoin holders have begun selling portions of their Bitcoin reserves to satisfy their balance sheet obligations amid tightening market conditions.
Chipmaker Sequans sold 970 BTC in early November to repay outstanding convertible debt, missing its goal of accumulating 100,000 BTC over the following five years.
Matador purchased 175 BTC in the primary 12 months of its treasury
Matador develops products to assist traditional finance firms enter the Bitcoin ecosystem and announced a 12 months ago, on December 23, 2024, that it could change into a Bitcoin finance company.
In July, Matador announced that it plans to expand its goal 1,000 BTC holdings by 2026 to six,000 BTC before the top of 2027.
His big goal is to get 1% of the fixed supply of Bitcoin, which is about 210,000 BTC.
Michael Saylor's Strategy is the one corporate Bitcoin holder to have amassed such an amount thus far.
