The Ontario Securities Commission has approved the company’s plan to raise up to $58 million through share sales, giving Matador the capital flexibility it needs to scale its Bitcoin treasury. The target is clear: 1,000 Bitcoin by the end of 2026.
According to the company, regulators have allowed Matador to issue $58.4 million worth of common shares, warrants, subscription receipts, debt securities, or structured units over a 25-month window. CEO Deven Soni says the focus isn’t just on buying Bitcoin—it’s on growing Bitcoin per share over time, a key metric for treasury-focused firms.
Matador Technologies Secures CAD $80M Base Shelf to Boost Bitcoin Growth 💰✅
— Matador Technologies (@buymatador) December 23, 2025
The Shelf Prospectus allows Matador to distribute up to CAD $80M of shares, warrants, or subscription receipts over 25 months, supporting its capital markets strategy and long-term goal of maximising…
Right now, Matador holds 175 Bitcoin, valued at roughly $15.3 million, placing it as the 90th-largest corporate Bitcoin holder, based on BitcoinTreasuries.NET data. Chief visionary Mark Voss says the company plans to deploy capital strategically, factoring in Bitcoin’s volatility and the current market cycle rather than buying aggressively at any price.
Zoom out, and the trend is clear.
More than 190 publicly traded companies now hold Bitcoin on their balance sheets, a wave of institutional adoption that accelerated after spot Bitcoin ETFs launched in the U.S. last year. Matador’s regulatory approval gives it multiple financing levers to compete in that race.
But the market reaction shows the strategy isn’t without skepticism.
Shares of Matador (MATA) closed down 3.57% on Tuesday following the announcement. That mirrors a broader pattern: companies pursuing Bitcoin treasury strategies have seen share prices soften as crypto markets cooled and early excitement wore off. Analysts are increasingly questioning whether these strategies are sustainable through full market cycles.
Some firms have already felt the pressure. Semiconductor company Sequans sold 970 Bitcoin in early November to redeem convertible debt, reversing course on its long-term plan to accumulate 100,000 Bitcoin.
Matador officially became a Bitcoin treasury company on Dec. 23, 2024. In its first year, it acquired 175 Bitcoin while also building tools to help traditional finance firms access the Bitcoin ecosystem.
And the ambition doesn’t stop at 1,000 Bitcoin.
In July, Matador revealed plans to scale its holdings to 6,000 Bitcoin by the end of 2027, with an ultimate goal of owning 1% of Bitcoin’s fixed supply—around 210,000 Bitcoin. So far, Michael Saylor’s Strategy remains the only company to reach that level.
The takeaway?
Regulatory approval gives Matador room to maneuver. But execution—and timing—will determine whether this becomes a long-term value play or another test case in how far Bitcoin treasury strategies can really go.
