Matador Technologies, a Bitcoin custodian in Canada, is planning to raise up to 58 million USD (80 million CAD) to aggressively expand its Bitcoin holdings, aiming to increase from 175 BTC to 1,000 BTC by the end of 2026. The company has received approval from the Ontario Securities Commission to issue various types of securities, including common shares, warrants, and debt instruments, within the next 25 months.
CEO Deven Soni stated that the approval of the base prospectus is an important step in refining Matador's capital structure, with the focus on using capital to increase the amount of Bitcoin per share over time. However, capital allocation may still be flexible depending on market conditions and legal requirements.
Since implementing the “Bitcoin-first” strategy in December 2024, Matador has increased its Bitcoin holdings in the treasury by approximately 767%. The company views Bitcoin as a long-term reserve asset amid concerns about inflation and currency devaluation, while aiming to hold 6,000 BTC by 2027.
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