Matador Technologies’ shares closed at three Canadian cents on September 30, valuing the company at about C$5.25 million. Two days later it reported holding approximately 168 Bitcoin. Roughly 138 of those coins are pledged to a single lender, and the company’s own update says plainly that the leverage behind them cuts both ways.
Matador Holds 168 Bitcoin, With 138 Pledged to Its Noteholder
Matador Technologies Inc. (TSXV: MATA) (OTCQB: MATAF) (FSE: IU3) published a corporate update on October 2 covering its fiscal year to date, which began November 1, 2025. The headline figure is approximately 168 Bitcoin held as the company’s primary treasury asset. About 138 of those Bitcoin sit as collateral under a US$100 million secured convertible note facility, of which US$10.5 million has been drawn. The remaining US$89.5 million is available only through follow-on closings that are still subject to regulatory approvals and other conditions.
Proceeds from the US$10.5 million in notes bought 92 Bitcoin.
Matador describes itself as a leveraged Bitcoin treasury and does not soften what that means. Because part of its Bitcoin was bought with borrowed money, a change in the Bitcoin price moves the net asset value attributable to common shareholders proportionally more than it moves the coins themselves, according to the release. That works in both directions. The company also states that its share price may not reflect net asset value at any given time.
Matador’s ATM Program Sold 49 Million Shares Below Five Cents
An at-the-market program, or ATM, lets a company sell new shares into the open market at prevailing prices instead of through a single priced offering. Matador’s runs up to C$30 million through ATB Cormark Capital Markets, under a C$80 million base shelf prospectus that the Ontario Securities Commission receipted on December 22, 2025.
Between February 4 and October 1, 2026, the program issued 49,054,400 common shares at a weighted average price of C$0.0478, for gross proceeds of C$2,343,564.35 and net proceeds of C$2,233,171.24. The release lists Bitcoin purchases and general working capital among the uses, without a dollar split.
The rules loosened in August. Amendment No. 2 to the note facility, announced August 17, removed the aggregate proceeds cap, pricing floor and daily volume limits that had applied to ATM sales under the Canadian shelf documents, for as long as Matador has not listed on a US senior exchange. In exchange, 10% of the net proceeds from each qualifying sale must go to buying Bitcoin, which is deposited as additional collateral under the facility.
Every share sold through the program dilutes existing holders. The facility no longer sets a minimum price for those sales.
Matador’s Convertible Notes Mature December 7, 2027
Under terms Matador published in December 2025, the notes carry 8% annual interest, stepping down to 5% only if Matador delists from the TSXV and lists on Nasdaq or the NYSE, and rising to 18% if an event of default occurs. The initial tranche closed November 10, 2025 and matures December 7, 2027. Principal and interest not paid or converted by then is payable in cash.
Conversion is where the share price comes in. The initial notes convert at US$0.529178304, or C$0.72, per share, for a maximum of 19,842,083 shares. Third-party market data shows Matador closing at C$0.03 on September 30.
A second layer of cost sits on top of regular interest. The December 2025 terms add a cash special interest payment on the initial notes equal to 50% of principal, less certain deductions, if no Nasdaq or NYSE uplisting happens before the earlier of the payment date and the notes’ first anniversary. If the uplisting does happen in time, that figure is 25%. While Matador stays on the TSXV, all interest and commitment fees combined, special interest included, are capped at 24% of principal per year. The commitment fee itself is 5% of the purchase price of notes sold, paid in cash.
The placement agent on the first tranche, Joseph Gunnar & Co., received US$525,000 in placement fees, a US$262,500 advisory fee and 992,104 broker warrants exercisable at C$0.72. The October 2 update does not restate any of these note terms, and it does not say whether the 2026 amendments changed them.
Matador Cuts Monthly Cash Costs to About C$125,000
Running the company has gotten much cheaper. Management estimates cash operating expenditures now average about C$125,000 a month, against net cash used in operating activities of C$5,337,072 in fiscal 2025, or about C$445,000 a month. The stated target is about C$100,000.
That C$125,000 is an unaudited management estimate and not a measure recognized under IFRS, the release states, and it can swing from month to month with financing costs and one-time professional fees. The company attributes the savings to restructured or terminated executive and consulting arrangements, along with AI tools now handling finance and reporting work that outside advisors used to do.
Fiscal 2025 carried one-time weight. Matador became a public issuer through a reverse takeover, in which a private company goes public by combining with an already listed one, completed December 9, 2024. A change of business followed, and the TSXV now classifies Matador as a hybrid technology and investment issuer, permitted to invest across industries under its investment policy. The October 2 update does not report a revenue figure or a cash balance.
Leadership also turned over. Donato Sferra, a co-founder and director, became CEO on July 16, 2026, with Deven Soni moving to executive chairman. Geoff St. Clair was named CFO effective March 26.
Matador Covered Calls With Galaxy and an Unsigned GODL License
Matador runs a yield program with Galaxy Digital Holdings Ltd. under an ISDA agreement, a standard contract for over-the-counter derivatives, mainly by selling covered calls. A covered call collects an upfront premium in exchange for agreeing to sell the asset at a set strike price. Premium income does not depend on Bitcoin rising, but Bitcoin in the program can be called away at strike prices below the market price. The release gives no premium income figure.
GODL is a planned gold treasury company, still private, that intends to hold physical and tokenized gold. Matador has negotiated a form of license agreement that would let GODL use Matador’s gold tokenization technology in exchange for cash and GODL shares. It has not been executed, and its terms may still change. Neither GODL’s corporate structure nor any distribution of value to Matador shareholders has been determined, and the release describes GODL’s payment obligations to Matador as unsecured.
Matador Shareholders Vote on Preferred Shares October 14
Matador’s annual general and special meeting is set for October 14, 2026, where Resolution #5 asks shareholders to approve a new class of an unlimited number of preferred shares. The TSXV conditionally accepted the amendment on August 25; it still needs shareholder approval and final Exchange acceptance. Matador says it has no current plans to issue preferred shares, and any issuance would require separate board and Exchange approval.
The first anniversary of the November 10, 2025 note closing falls in November 2026, the deadline in the December 2025 terms that separates the 25% and 50% special interest rates. The initial notes mature December 7, 2027, and the C$80 million base shelf is effective for 25 months from its December 22, 2025 receipt.
Sources
- GlobeNewswire: Matador Technologies Provides Corporate Update and Reports Approximately 168 Bitcoin Held, October 2, 2026
- GlobeNewswire: CORRECTION, Matador Technologies Inc. Announces Updated Terms of USD$100 Million Convertible Note Facility to Expand Bitcoin Holdings, December 15, 2025
- GlobeNewswire: Matador Technologies Inc. Announces Closing of Convertible Note Facility to Expand Bitcoin Holdings, November 10, 2025
- StockAnalysis (third-party market data): Matador Technologies (TSXV:MATA) Market Cap, data as of September 30, 2026
Editorial Disclosure
This article is based on publicly available information, principally Matador Technologies Inc.’s October 2, 2026 GlobeNewswire release, with note facility terms drawn from the company’s November 10, 2025 and December 15, 2025 GlobeNewswire releases. The security discussed is Matador Technologies Inc. (TSXV: MATA) (OTCQB: MATAF) (FSE: IU3). aktiego.com has not received any compensation from Matador Technologies, its management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in this security at the time of publication.
Matador is a leveraged Bitcoin treasury company. About 138 of its approximately 168 Bitcoin are pledged as collateral under senior secured convertible notes, and the company itself states that its use of debt magnifies losses as well as gains in the net asset value attributable to common shareholders. Under the terms disclosed in December 2025, the notes bear 8% interest, rising to 18% on an event of default; the holder may require cash redemption on a specified event of default; and principal not converted or repaid is due in cash on December 7, 2027. The cash special interest of 25% or 50% of principal on the initial notes depends on whether a Nasdaq or NYSE uplisting occurs within the stated deadline. The October 2, 2026 release does not restate these terms, and aktiego.com has not confirmed whether the 2026 amendments altered them.
The ATM program has issued 49,054,400 common shares at a weighted average of C$0.0478 through October 1, 2026, and Amendment No. 2 removed the facility’s proceeds cap, pricing floor and daily volume limits on those sales before any US senior exchange listing. Further ATM sales, note conversions of up to 19,842,083 shares on the initial tranche, and the 992,104 broker warrants issued to the placement agent are all potential sources of dilution. The proposed preferred share class has not been approved by shareholders or finally accepted by the TSXV.
Matador became a public issuer through a reverse takeover completed December 9, 2024. The October 2 release reports no revenue figure, and no specific cash balance or cash runway was identified in the sources reviewed. The C$125,000 monthly cost figure is an unaudited management estimate, not an IFRS measure. Premium income from the covered call program with Galaxy Digital Holdings Ltd. is not quantified and carries counterparty risk. GODL is a private company; its license agreement with Matador has not been executed, its payment obligations to Matador are described as unsecured, and any value to Matador shareholders is undetermined. The market capitalization and closing share price cited are sourced to third-party market data, not a company disclosure. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of Matador’s releases, per the company’s own standard disclosure.
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