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Bitcoin ecosystem company Matador Technologies Inc. (MATA:TSX.V; MATAF:OTCQB) announce that it has obtained receipt for its final short form base shelf prospectus from the Ontario Securities Commission, according to a release on December 22.
The shelf prospectus qualifies the distribution of up to CA$80 million in common shares, warrants, subscription receipts, debt securities, or units over a 25-month period.
The company said the milestone strengthens Matador’s capital markets strategy, providing the flexibility needed to achieve its long-term goal of maximizing Bitcoin per share.
“Obtaining the receipt for our CA$80 million base shelf prospectus is a critical step in maturing our capital structure,” said Chief Executive Officer Deven Soni. “Along with our institutional infrastructure partnerships and existing credit facilities, this shelf prospectus gives us the speed and flexibility to access capital when it is most advantageous. We remain focused on increasing Bitcoin per share over time and continue to target a treasury balance of 1,000 bitcoin by the end of 2026.”
The completion of the shelf prospectus complements the company’s recently closed US$100 million secured convertible note facility with ATW Partners, the release said. Together, these financial tools provide Matador with the flexibility to continue its accelerated Bitcoin accumulation strategy.
Matador has shown commitment to this strategy, having increased its Bitcoin holdings by approximately 767% from December 10, 2024, to December 22, 2025, the company noted. The CA$80 million shelf prospectus is intended to provide the company with potential access to capital for further Bitcoin purchases to meet its 2026 target of 1,000 bitcoin, as well as for general corporate purposes.
“Bitcoin is a volatile asset, and navigating its cycles requires a long-term view and the ability to deploy capital in measured steps,” said Chief Visionary Officer Mark Moss. “This prospectus ensures that Matador is positioned to act decisively to grow our treasury from our current position of approximately 175 bitcoin toward our targets, supporting our mandate to accumulate scarce assets for our shareholders.”
Matador noted in the release that it may, from time to time, allocate available capital toward Bitcoin purchases or other corporate purposes, depending on market conditions, regulatory requirements, the company’s financial position, and other factors. There can be no assurance as to the amount or timing of any future Bitcoin purchases or other capital allocation decisions.
Initial Drawdown Successful
In November, Matador announced the successful closing of the US$100 million secured convertible note facility with ATW Partners and the completion of its initial drawdown under the facility to acquire 92 bitcoin for CA$13.2 million, according to a November 11 release.
The bitcoin was purchased through Netcoins (owned by BIGG Digital Assets Inc., TSXV: BIGG) and FalconX at an average price of US$102,752 per bitcoin, including fees and expenses. BitGo will also secure all bitcoin holdings in qualified custody through its regulated entity, BitGo Trust Company, Inc.
Following this acquisition, Matador more than doubles its total Bitcoin holdings to approximately 175 bitcoin (and Bitcoin equivalents), the release noted. The company continues to prioritize balance-sheet strength and disciplined capital deployment consistent with its long-term treasury framework. ATW Partners is a New York–based investment firm that provides flexible growth capital solutions. Under the terms of the facility, proceeds are restricted to purchasing Bitcoin for Matador’s balance sheet.
“Matador has more than doubled its holdings from 82 bitcoin and Bitcoin equivalents to 175 bitcoin and Bitcoin equivalents,” said Mark Moss, chief visionary officer of Matador Technologies. “This acquisition reflects our ongoing commitment to disciplined, long-term Bitcoin accumulation.”
According to a report by Crypto Briefing on November 11, Matador’s boost to its Bitcoin holdings strengthened its standing at number 91 on the Bitcoin 100 Ranking, which monitors corporate Bitcoin holdings.
The funding bolsters Matador’s long-term Bitcoin strategy, which includes acquiring up to 1,000 BTC by 2026, expanding to 6,000 BTC by 2027, and aiming to hold about 1% of Bitcoin’s total supply, positioning Matador among the top 20 corporate holders worldwide.
A Hedge Against Inflation
Gold has long been a store of value but often encounters challenges related to accessibility and liquidity due to its physical nature, according to Joel Agbo’s guide to tokenized gold on CoinGecko, updated May 5.
While gold ETFs provide a means for investment, they operate within regulated, centralized frameworks and often do not offer retail investors direct ownership or the ability to redeem physical gold. The rise of gold tokenization, which utilizes blockchain technology, is creating a potentially more transparent and efficient global marketplace for gold, Agbo wrote.
Over the past five years, this sector has experienced significant growth. Currently, according to CoinGecko, the market for tokenized gold is valued at over US$2 billion and is positioned as a key trend to watch in 2025. Agbo noted that tokenization democratizes access to gold investments, enabling purchases of very small fractions on exchanges, such as Binance, which supports transactions as small as 0.0000031 PAXG (approximately US$0.01).
Tokenized gold can also be traded around the clock on global cryptocurrency exchanges, providing superior liquidity, he wrote. Additionally, the immutable nature of blockchain ledgers ensures that every token transaction is permanently and publicly recorded, and tokenized gold can also be integrated into decentralized finance (DeFi) platforms.
Matador’s Bitcoin-centric strategy aligns with a broader trend where institutional investors increasingly perceive Bitcoin not merely as a speculative asset but as a strategic treasury asset, according to a report for CoinCentral by Kelvin Munene on December 23.
Numerous companies are incorporating Bitcoin into their balance sheets as a hedge against inflation and to diversify their portfolios, the article said. Bitcoin is also regarded as a digital alternative to gold, providing protection against currency devaluation.
“The company is positioning itself as a forward-thinking player in the crypto space, signaling confidence to shareholders and attracting institutional investors looking for exposure to Bitcoin,” Munene wrote.
The Catalyst: A US$18B Market
The global cryptocurrency market was worth US$5.74 billion in 2024, according to Market Data Forecast. The global market is projected to reach US$17.52 billion by 2033 from US$6.5 billion in 2025, growing at a CAGR of 13.20% from 2025 to 2033.
“The cryptocurrency market is a rapidly changing sector worldwide and is majorly fueled by blockchain technology that supports over 90% of digital currencies worldwide,” the report said. “According to the projections, more than 420 million people owned cryptocurrencies globally with emerging markets playing a key role in adoption due to their demand for accessible financial solutions. Major blockchain networks like Ethereum now handle over 1.5 million transactions daily with increased activity in decentralized finance (DeFi) and digital asset trading.”
Gold prices surged past US$4,400 on Monday, setting a new record high, as analysts highlighted escalating geopolitical tensions and more lenient monetary policies as key factors driving the increase, reported Mary Cunningham for CBS News MoneyWatch on December 23.
This year, the trading volume of tokenized gold has soared to over US$19 billion, surpassing many well-known gold ETFs, according to David Marsanic for Crypto.news. Tokenized assets are increasingly being viewed as a viable alternative to traditional investment options.
A recent study from CEX.io, released on July 8, indicates that tokenized gold has gained more popularity than several gold ETFs, Marsanic wrote. This trend aligns with a broader pattern where tokenized gold has consistently outperformed gold ETFs in trading volume growth for four consecutive quarters.
The CEX.io report suggests a shift in investment from traditional gold ETFs to tokenized gold assets, as highlighted by Marsanic. The report also noted that the increase in trading volume for tokenized gold is primarily driven by retail and crypto-savvy investors, while institutional investors continue to favor traditional gold ETFs.
Ownership and Share Structure1
About 22% is owned by management and insiders, including Founder and Director Donato Sferra, Vice President of Finance Geoff St. Clair, Director Richard Murphy, Chief Executive Officer Deven Soni, Director Tyler Evans (through UTXO Management, LLC and 210K Capital, LP), and Founder Trevor Koverko, among others.
The rest, about 78%, is retail, and includes Hive Digital, Kitco Metals, Bitcoin Opportunity Fund, Arrington Capital, and Gold Fields Ltd.
It has about 107.11 million shares outstanding and has a market cap of CA$14.99 million. It trades in a 52-week range of CA$0.24 and CA$2.02.
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The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.