Matador Technologies Inc. (TSXV: MATA) has issued a corporate update covering developments in its capital structure, treasury holdings, and operations since the start of its 2026 fiscal year on November 1, 2025. The company reports holding approximately 168 Bitcoin as its primary treasury asset, funded through a combination of common equity and secured convertible debt. The update also details significant progress on cost reduction and capital markets infrastructure, with a shareholder meeting scheduled for October 14, 2026 to vote on a new preferred share class.

Key Points

  • Matador Technologies Inc. (TSXV: MATA | OTCQB: MATAF | FSE: IU3)
  • The company holds approximately 168 Bitcoin and has drawn US$10.5 million under a US$100 million secured convertible note facility
  • Cash operating expenditures estimated at approximately C$125,000 per month, down from an average of approximately C$445,000 per month in fiscal 2025
  • Investors may be watching the October 14, 2026 shareholder meeting outcome and the company's progress toward its C$100,000 monthly cost target

Matador's Bitcoin Treasury Position and Leveraged Capital Structure

As of the announcement date, Matador holds approximately 168 Bitcoin, with approximately 138 Bitcoin pledged as collateral under its US$100 million secured convertible note facility. The company has drawn US$10.5 million in principal under that facility, using proceeds to acquire 92 Bitcoin during the fiscal year. Matador's disclosure explicitly notes that its leveraged structure amplifies the effect of Bitcoin price movements on net asset value attributable to common shareholders, in both directions, and that its common share price may not reflect net asset value at any given time.

ATM Program Activity and Shelf Prospectus Framework

Since establishing its C$80 million base shelf prospectus in December 2025 and launching a C$30 million at-the-market equity program on February 4, 2026, Matador has issued 49,054,400 common shares at a weighted average price of C$0.0478 per share, generating aggregate gross proceeds of approximately C$2.34 million and net proceeds of approximately C$2.23 million. Proceeds have been directed toward Bitcoin purchases and general working capital. The remaining US$89.5 million under the convertible note facility may be drawn in follow-on closings, subject to regulatory approvals and other conditions.

Matador's Cost Reduction Progress and GODL Gold Tokenization Plans

Management estimates current average monthly cash operating expenditures at approximately C$125,000, compared with approximately C$445,000 per month in fiscal 2025, with a stated target of approximately C$100,000 per month. Separately, the company is advancing plans to license its gold tokenisation technology to a proposed entity called GODL, a planned pure-play gold treasury company. The licence agreement has not yet been executed, and Matador has cautioned that terms may change. GODL's proposed financing and Canadian public listing remain subject to regulatory and exchange approvals, with no assurance of completion.

Leadership Changes and October 14 Shareholder Meeting

Donato Sferra was appointed Chief Executive Officer and Deven Soni was appointed Executive Chairman, both effective July 16, 2026. Geoff St. Clair was appointed Chief Financial Officer effective March 26, 2026. Shareholders will be asked on October 14, 2026 to approve the creation of a new class of preferred shares. The company states it has no current plans to issue preferred shares but considers the option prudent, noting that other Bitcoin treasury companies have used preferred equity in their capital structures.