Matador's bitcoin holdings rise to 175 bitcoin

Executive Summary

• Matador Technologies reported a significant expansion of its Bitcoin treasury, increasing holdings from approximately 20 BTC at the time of its qualifying transaction to approximately 175 BTC as of November 18, 2025.
• The company successfully closed the first $10.5 million U.S. draw under a $100 million secured convertible note facility with ATW Partners, providing capital for continued Bitcoin accumulation.
• Bitcoin per share (BPS) increased by approximately 558% from the time of the qualifying transaction, rising from 0.0000002 BTC to 0.0000014 BTC, while the company continues to pursue broader market listings including a potential Nasdaq listing.

Key Details

• Bitcoin Holdings:
  • Current holdings: Approximately 175 BTC (and Bitcoin equivalents) as of Nov. 18, 2025.
  • Previous holdings: Approximately 20 BTC at the time of the qualifying transaction (Dec. 10, 2024).
  • Growth: 767% increase in total Bitcoin held.
  • Purchase Activity: Completed 15 purchase transactions totaling approximately 155 BTC since the qualifying transaction.
• Bitcoin Per Share (BPS):
  • BPS at qualifying transaction: ~0.0000002 BTC per share.
  • BPS as of Nov. 18, 2025: ~0.0000014 BTC per share.
  • Percentage Increase: ~558%.
• Financing and Capital:
  • Convertible Note Facility: Closed the first $10.5 million U.S. draw on Nov. 10, 2025, under a $100 million U.S. secured convertible note facility with ATW Partners.
  • Equity Financing: Raised $7.6 million in equity capital during Q2 2025 across three private placement tranches.
  • Strategic Investors: Added Arrington Capital, Bitcoin Opportunity Fund, and UTXO Management to the shareholder base; Arrington Capital made a $1.5 million investment on May 30, 2025.
  • Prospectus: Filed an amended and restated $500 million preliminary base shelf prospectus on Oct. 8, 2025, providing a 25-month window to issue equity or debt.
• Market Listings and Regulatory Status:
  • OTCQB: Listed on March 18, 2025.
  • DTC Eligibility: Achieved on April 28, 2025, with ticker change to MATAF.
  • Frankfurt Stock Exchange (FSE): Listed on June 3, 2025 (Ticker: IU3).
  • Nasdaq: Confidentially submitted a draft registration statement on Form 20-F to the SEC on Sept. 29, 2025, to pursue a Nasdaq listing (subject to SEC and Nasdaq approval).
  • Business Mandate: Formally changed business to a hybrid technology/investment issuer on July 2, 2025, positioning Bitcoin at the center of the corporate mandate.
• Infrastructure and Governance:
  • Custody: Appointed BitGo Trust Company as custodian for all Bitcoin reserves on Feb. 10, 2025.
  • Initiatives: Joined MicroStrategy's "Bitcoin for Corporations" initiative on Jan. 10, 2025.
  • Advisory Board: Formed on June 9, 2025, including David Bailey (Nakamoto Inc./BTC Inc./Bitcoin Magazine) and David Forestell (former Barrick Gold executive).
  • IR/Marketing: Engaged third-party providers including Alpha Nine Ventures, Outside The Box Capital, DroomDroom, and Team Dyno.
• Strategic Investments:
  • Proposed investment in HODL Systems (India's first digital asset treasury company), securing up to a 24% ownership stake, pending regulatory and legal preparations.

Notable Quotes

• Deven Soni, Chief Executive Officer: "On Nov. 10, 2025, we completed the initial $10.5-million (U.S.) draw under our $100-million (U.S.) facility. Together with purchases since the Dec. 10, 2024, qualifying transaction, we now hold approximately 175 BTC. We will evaluate additional allocations in light of bitcoin's price volatility, liquidity and applicable approvals, with a focus on increasing bitcoin per share over time."
• Mark Moss, Chief Visionary Officer: "Bitcoin is a volatile asset with evolving adoption. Our approach is to manage the treasury with a long-term view, hold assets in qualified custody at BitGo Trust, and deploy capital in measured steps."