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Bitcoin financial services firm Matador Technologies has received the regulatory green light to sell up to 80 million Canadian dollars ($58.4 million) worth of company shares, which it will use to help reach its goal of owning 1,000 Bitcoin by the end of 2026.<\/p>\n
Matador said<\/a> on Tuesday that the Ontario Securities Commission has permitted it to issue $58.4 million worth of common shares, warrants, subscription receipts, debt securities, or units over a period of 25 months.\u00a0<\/p>\n Matador CEO Deven Soni said the firm is \u201cfocused on increasing Bitcoin per share over time\u201d and would \u201ccontinue to target a treasury balance of 1,000 Bitcoin by the end of 2026.\u201d<\/p>\n Matador currently holds 175 Bitcoin (BTC<\/a>) worth $15.3 million, making it the 90th largest corporate Bitcoin holder, BitcoinTreasuries.NET data<\/a> shows.<\/p>\n Matador\u2019s chief visionary, Mark Voss, said it would closely monitor Bitcoin\u2019s volatility and navigate the current market cycle to deploy capital at the most opportune times.\u00a0<\/p>\n Shares in Matador (MATA) fell on the news, closing Tuesday down 3.57%.<\/p>\n More than 190 publicly traded companies<\/a> now hold Bitcoin on their balance sheets, continuing the trend of institutional Bitcoin adoption after spot Bitcoin exchange-traded funds<\/a> launched in the US last year.<\/p>\n However, many companies that adopted Bitcoin buying strategies have seen their share prices slide as crypto markets retraced and the initial hype faded, prompting some analysts to question the long-term sustainability of Bitcoin treasury strategies<\/a>.<\/p>\n Related: <\/strong><\/em>IMF says El Salvador in talks to sell state-run Chivo Bitcoin wallet<\/strong><\/em><\/a><\/p>\n Some corporate Bitcoin holders have begun selling portions of their Bitcoin reserves<\/a> to meet balance-sheet obligations amid a tightening in market conditions.\u00a0<\/p>\n Chip maker Sequans sold 970 BTC in early November to redeem outstanding convertible debt, backsliding on its goal to accumulate<\/a> 100,000 BTC over the next five years.<\/p>\n Matador builds products to help traditional finance firms enter the Bitcoin ecosystem and announced that it would become a Bitcoin treasury company<\/a> a year ago, on Dec. 23, 2024.<\/p>\n <\/p>\n In July, Matador said it plans to expand its targeted 1,000 BTC holdings by 2026 to 6,000 BTC<\/a> before the end of 2027.<\/p>\n Its grand goal is to obtain 1% of Bitcoin\u2019s fixed supply, which amounts to about 210,000 BTC.\u00a0<\/p>\n Michael Saylor\u2019s Strategy is the only corporate Bitcoin holder that has accumulated that amount to date.<\/p>\nMatador bought 175 BTC in first year of treasury<\/h2>\n