Digital Asset Firm Advances Bitcoin Strategy, Targeting 1,000 BTC Goal

1. Matador Technologies Inc. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Matador Technologies Inc.
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1. Disclosure for the quote from the Stewart Thomson article published on February 17, 2026:

1. For the quoted article (published on February 17, 2026), Matador Technologies has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

2. 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; IU3:FSE) announced it expanded its bitcoin holdings by purchasing 2.0 bitcoin at an average cost of about US$74,906 each, inclusive of fees and expenses, according to an April 17 release.

This purchase was financed through the company's US$30 million at-the-market equity program (the ATM program), which was set up following an equity distribution agreement with ATB Cormark Capital Markets on February 3, the company said. With this acquisition, Matador's total bitcoin and bitcoin equivalents holdings have increased to approximately 175.6 units. The ATM program allows Matador to strategically raise equity capital and convert it into bitcoin during favorable market conditions, while minimizing shareholder dilution.

The company's focus on increasing its bitcoin per share (BPS) metric is evident, as the recent acquisition has boosted the BPS by about 101 percent from the previous fiscal year-end. The BPS, which is a key operational metric for the company, now stands at approximately 0.00000148 bitcoin per share, based on 118,617,101 common shares outstanding as of April 16, the company said. This growth in BPS reflects the company's successful strategy of accumulating bitcoin faster than it issues new shares, aligning with its goal to maximize BPS over time.

The bitcoins acquired are earmarked for Matador's yield generation strategy, which was launched in collaboration with Galaxy Digital Holdings Ltd. on March 31. Under this strategy, Matador aims to generate returns on its bitcoin holdings through covered calls and other yield-generating activities under an ISDA agreement with Galaxy. Up to 22.0 bitcoins have been allocated to this initiative, demonstrating the company's integrated approach to capital management and treasury operations.

"This acquisition reflects our ability to move opportunistically, deploying capital raised through our ATM program directly into bitcoin during what we view as a favorable accumulation window," Chairman and Chief Executive Officer Deven Soni said. "By immediately allocating these holdings into our yield generation strategy with Galaxy, we are ensuring that every bitcoin on our balance sheet is working toward enhancing returns for shareholders. This is the integrated treasury model in action: raise capital efficiently, acquire bitcoin strategically and generate yield systematically."

Matador Chief Visionary Officer Mark Moss highlighted the strategic benefits of the ATM program and the partnership with Galaxy. "Our approach has always been to build a compounding treasury model around bitcoin," he said. "The ATM program gives us the flexibility to be patient and disciplined, and our partnership with Galaxy allows us to enhance the utility of our holdings without compromising our long-term positioning. As we continue to progress toward our target of 1,000 bitcoin in treasury, each acquisition is being deployed with a view to maximizing bitcoin per share over time."

The ATM program is part of a broader capital and financing framework that includes an CA$80 million base shelf prospectus approved by the Ontario Securities Commission on December 22, 2025, and a US$100-million secured convertible note facility with ATW Partners.

This framework provides Matador with the flexibility to strategically convert equity into bitcoin and other strategic assets as it aims to reach a treasury goal of 1,000 bitcoin by the end of 2026. The company's future capital allocation decisions will depend on market conditions, regulatory requirements, and its financial position, among other factors.

GODL Corp. Spinoff

By partnering with Galaxy, a leader in digital asset financial services, Matador said it seeks to safely increase its treasury returns while ensuring robust risk management, security, and liquidity for its primary Bitcoin assets. This strategy is part of Matador's broader approach to optimize its balance sheet utilization while maintaining a Bitcoin-first focus.

In related news, Matador announced a change in its executive team, with Geoff St. Clair stepping in as the new Chief Financial Officer, replacing Jing Peng who resigned on March 26. St. Clair has been with Matador since its inception in November 2021 as vice president of finance and brings extensive experience in mergers and acquisitions, reverse-takeover transactions, initial public offerings, and treasury management. His promotion reflects his deep involvement in the company's financial strategies and his broad expertise in both traditional finance and emerging, high-growth markets.

Additionally, Matador has declared its intention to spin off its wholly-owned subsidiary, GODL Corp., as detailed in a March 2 announcement. This move is pending approval from the TSX Venture Exchange Inc., among other regulatory and shareholder approvals. GODL Corp. focuses on generating yield from a gold treasury and the tokenization of gold, aiming to "maximize gold ounces per share." The company plans to allocate all capital, aside from operating expenses, into physical and tokenized gold, which are securely stored in LBMA-certified vaults and institutional cryptocurrency custody services.

GODL Corp. intends to raise funds through at-the-market offerings and convertible debt, particularly when its market capitalization exceeds its net asset value, to acquire additional gold. This strategy is designed to produce annual yields from its holdings and is distinct from typical gold mining stocks by focusing on increasing gold ounces per share through various financial strategies to enhance shareholder value.

Positioning Bitcoin as the Primary Asset in Its Treasury

¹Matador Technologies is deeply integrating Bitcoin into its business operations, positioning it as the primary asset in its treasury while also developing products aimed at enhancing the Bitcoin network, according to Technical Analyst Stewart Thomson on February 17.

Thomson also highlighted Matador's role as a platform and investment hub for innovative gold products, effectively bridging the gap between digital and physical assets.

Thomson's analysis of the stock's market dynamics revealed an increase in trading volume, which he interprets as a possible shift of shares from weaker to stronger market participants.

He identified a triple bottom pattern in the stock's performance, setting a technical target price at around CA$0.50, which marks a substantial increase from its price at the time of the review. The stock's outlook is further bolstered by several bullish technical indicators, including an oversold stochastic measure, a rising MACD, and a positive divergence in the RSI oscillator, all of which suggest potential for upward momentum.

Thomson noted that a rise above CA$0.50 could signal a breakout, with the stock potentially reaching between CA$0.90 and CA$1.00. He encouraged investors to review the company's corporate presentation to better understand its strategic initiatives and market positioning. The analyst said he considers the stock a speculative buy, with technical price targets ranging from CA$0.50 to as high as CA$1.00.

The Catalyst: Digital Curiosity Has Potential for Widespread Adoption

Bitcoin, originally a digital experiment stemming from a distrust in the financial system, has evolved into a topic of serious discussion in corporate boardrooms and among some of the world's largest financial institutions, according to a piece by Dana Harlap for J.P. Morgan on February 23.

Supporters of bitcoin argue that it could become a widely accepted digital store of value, akin to "digital gold," Harlap wrote. They cite bitcoin's inherent scarcity — its supply is capped at 21 million coins, a limit set by its protocol — and its decentralized nature, which ensures that no single entity can control its issuance. This scarcity and decentralization are central to bitcoin's appeal as an alternative to fiat currencies, which are perceived as diminishing in value due to rising government debt levels.

The potential for widespread adoption of bitcoin is also bolstered by the impending great wealth transfer, with Millennials and Gen Z set to inherit over US$100 trillion. This demographic, particularly men aged 18-49, shows a high receptivity to bitcoin, indicating that their investment preferences could significantly influence future market trends.

Regulatory clarity is improving globally, with new legislation and frameworks in the U.S. and other countries enhancing the legitimacy of bitcoin for both institutions and individual investors, thereby fostering greater market participation, the J.P. Morgan piece noted. The infrastructure around bitcoin is also maturing, evidenced by the launch of U.S. spot bitcoin ETFs in 2024, which attracted US$62 billion in net inflows, and the expansion of bitcoin derivatives markets, lending platforms, and secure custody solutions.

Moreover, bitcoin is gaining institutional acceptance, with major financial institutions beginning to recommend bitcoin allocations in client portfolios, she wrote. Even modest allocations by large asset managers could dramatically increase demand for bitcoin. Additionally, bitcoin's global accessibility and portability, operating without a central authority and easily transferable across borders, make it particularly appealing in emerging markets with volatile currencies.

Bitcoin, the leading cryptocurrency in terms of market capitalization, experienced a decline of 2.02%, according to a report by Simon Mugo for Investing.com on April 19.

This drop in value occurred after Iran's closure of the Strait of Hormuz, which triggered a risk-off sentiment throughout the financial markets. Despite its reputation as "digital gold," Bitcoin did not uphold its status as a safe haven during this turbulent period, leading to a broader sell-off in the cryptocurrency sector as investors reevaluated their portfolio risks, Mugo wrote.

However, despite the overarching market trepidation, the situation with institutional investors presents a more complex scenario. Recent data indicates that Bitcoin ETFs have attracted US$663.91 million in investments, pushing the total net assets in this sector beyond the US$100 billion mark. This suggests that, at least from an institutional perspective, there remains a significant appetite for Bitcoin, the report noted.

Moreover, the trend of institutional inflows is not limited to Bitcoin. Ether ETFs have also seen a positive movement, with an addition of US$127.49 million, marking a week of continuous inflows. This points to a growing steady demand among institutions for Ether. Other cryptocurrencies like XRP and Solana have also experienced inflows, with XRP ETFs gaining US$13.74 million and Solana ETFs attracting US$13.04 million, further demonstrating sustained interest across a variety of cryptocurrency investments.

Ownership and Share Structure²

About 19% is owned by management and insiders, including Founder and Director Donato Sferra, St. Clair, Director Richard Murphy, and the CEO Deven Soni, among others. 

The rest is retail, and includes Hive Digital, Kitco Metals, Bitcoin Opportunity Fund, Arrington Capital, and Gold Fields Ltd.

It has about 109.37 million shares outstanding and has a market cap of CA$7.62 million. It trades in a 52-week range of CA$0.05 and CA$2.02.