Matador Technologies has secured $100 million in financing. The capital comes from the institutional investor ATW Partners. This move seeks to aggressively expand its Bitcoin treasury strategy. The company announced its long-term goal is to eventually hold 1% of Bitcoin’s total supply.
The deal is a convertible note facility. A first tranche of $10.5 million has been deployed exclusively for BTC purchases. The convertible notes bear an 8% annual interest rate. This interest could be reduced to 5% if the company achieves a NASDAQ or NYSE listing. Matador’s targets are clear: it plans to acquire 1,000 BTC by 2026 and increase that figure to 6,000 BTC by 2027. This structure allows the company to raise capital without immediate shareholder dilution. Note holders receive downside protection and participate in the upside via conversion rights.
This financial model was popularized by MicroStrategy. That company established the blueprint that smaller companies now follow. Matador represents the “next wave” adopting this approach. MicroStrategy demonstrated the model’s scalability. It reported holdings of 640,808 BTC in its Q3 2025 results. Furthermore, it registered $3.9 billion in quarterly operating income.
Are Corporations Betting Long-Term While ETFs Falter?
Both Matador and MicroStrategy are advancing their accumulation plans. They are doing so amid significant market turbulence. The broader market experienced $1.16 billion in liquidations. Despite this, the companies maintained their plans. This approach contrasts sharply with the recent behavior of institutional funds. US spot Bitcoin ETFs recorded net outflows of $191 million on November 3 alone. This institutional retreat clashes with the view of corporate treasurers, who see volatility as a clear buying opportunity.
The infrastructure supporting the Bitcoin treasury strategy has evolved. Matador’s notes are secured. They require 150% Bitcoin collateral of the initial principal amount. Meanwhile, MicroStrategy achieved a B- credit rating from S&P in Q3 2025. This milestone opens access to larger capital pools. The involvement of ATW Partners with Matador signals growing specialization in corporate finance focused on cryptocurrencies. This indicates the model has matured.
