Funding Facility Helps Bitcoin Co. Double Its Digital Holdings

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1. Ownership and Share Structure Information

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.

Matador Technologies Inc. (MATA:TSX.V; MATAF:OTCQB) announced the successful closing of its previously disclosed US$100 million secured convertible note facility with ATW Partners and the completion of its first drawdown under the facility to acquire 92 bitcoin for CA $13.2 million, a November 11 release said.

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, inclusive of fees and expenses. BitGo will also secure all bitcoin holdings in qualified custody through its regulated entity, BitGo Trust Company, Inc.

"Completing a US$100 million financing and deploying it into Bitcoin in the current market environment speaks to both our conviction and our ability to get things done," said Matador Chief Executive Officer Deven Soni. "This financing reinforces Matador's position as an active participant in the Bitcoin treasury landscape."

The close of the facility, subject to TSXV final approval, represents a significant achievement for Matador and a notable signal for the broader digital-asset market, the company said. The successful execution of a nine-figure financing dedicated solely to Bitcoin accumulation highlights both Matador's financial credibility and its operational ability to execute at scale. The transaction reaffirms Matador’s commitment to Bitcoin as a core reserve asset and its disciplined approach to building a regulated, public-company Bitcoin treasury program.

Following this acquisition, Matador more than doubles its total Bitcoin holdings to approximately 175 bitcoin (and Bitcoin equivalents), the release said. 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 also filed an amended and restated preliminary short-form base shelf prospectus for CA$500 million, which, subject to applicable regulatory approvals and final documentation will provide the company with additional flexibility in its capital-markets programs.

"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 newest boost to its Bitcoin holdings by 92 BTC acquisition strengthens Matador’s standing at number 91 on the Bitcoin 100 Ranking, which monitors corporate Bitcoin holdings. The company recently finalized a financing facility with an investment partner to facilitate additional Bitcoin purchases, highlighting its strategic execution in the current market environment.

As Matador advances its business strategy, the company remains said it remains focused on strengthening its Bitcoin reserves, maintaining capital discipline, and operating transparently within the regulated public-company framework.

Building a Bitcoin Strategy

The day before, Matador announced the completion of the first tranche of the facility with ATW Partners.

The funding supports Matador’s long-term Bitcoin strategy, which includes:

• Acquiring up to 1,000 BTC by 2026
• Building to 6,000 BTC by 2027
• Aiming to hold approximately 1% of Bitcoin’s total supply, placing Matador among the top 20 corporate holders globally

The notes issued under the facility carry an interest rate of 8% per annum, which will decrease to 5% per annum following Matador's delisting from the TSX Venture Exchange and successful listing on the NASDAQ or NYSE.

The company can choose to pay the interest in cash, add it to the principal, or convert it into common shares, subject to the terms of the notes and TSXV approvals. All principal, interest, and applicable late charges under the notes can be converted into common shares, pending necessary TSXV approvals.

Advantages of Tokenized Gold

Gold has long been a store of value but often faces 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 offer a means for investment, they operate within regulated, centralized frameworks and often do not provide retail investors with direct ownership or the ability to redeem physical gold. The emergence of gold tokenization, which leverages 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.

The Catalyst: Fed Uncertainty Adds to Gold Demand

Gold prices steadied on Wednesday following a two-day rebound, even as optimism about the potential end of the longest U.S. government shutdown boosted risk appetite, according to a report by Peter Nurse for Investing.com November 12. Spot gold increased by 0.1% to US$4,128.08 per ounce, while gold futures for December rose 0.4% to US$4,133.05 per ounce.

Uncertainty surrounding U.S. interest rates has contributed to some demand for gold this week, alongside the Supreme Court's criticism of Trump’s trade tariffs, Nurse wrote.

According to Nick Timiraos of The Wall Street Journal, there is growing disagreement among Federal Reserve policymakers about whether to cut interest rates in December, with delayed economic data for September and October adding to this tension, Nurse reported. The conclusion of the government shutdown will allow for more official economic data releases, which could help reduce some of the uncertainty about the economy.

The author noted markets are now pricing in a 62.4% probability of a 25 basis point cut at the Fed’s December 10-11 meeting, up from a 57.8% chance seen yesterday, according to CME FedWatch.

Risk appetite improved this week after the U.S. Senate passed a measure aimed at unlocking government spending and ending the longest government shutdown in history, Nurse said. The bill will now proceed to the House of Representatives for further approval, with the Republican-controlled chamber indicating it will pass the bill. Afterward, it will be sent to U.S. President Donald Trump to be signed into law.

Gold prices steadied on Wednesday following a two-day rebound, even as optimism about the potential end of the longest U.S. government shutdown boosted risk appetite. At 09:00 ET (14:00 GMT), spot gold increased by 0.1% to $4,128.08 per ounce, while gold futures for December rose 0.4% to $4,133.05 per ounce.

This year, the trading volume of tokenized gold has surged to over US$19 billion, surpassing many well-known gold ETFs, according to David Marsanic for Crypto.news. Tokenized assets are increasingly being seen as a viable alternative to traditional investment options.

A recent study from CEX.io, released on July 8, shows that tokenized gold has gained more popularity than several gold ETFs. 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 rise 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$31.06 million. It trades in a 52-week range of CA$0.24 and CA$2.02.