 Little-known Canadian crypto firm Matador adds Bitcoin to its books 
2024-12-25
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Canadian real-world asset tokenization firm Matador Technologies has become the latest company to incorporate Bitcoin into its treasury.
The firm said on Dec. 23 that its board of directors unanimously approved adding Bitcoin BTCUSD and “USD-denominated assets” to its balance sheet as part of what it called a “long-term capital preservation strategy.”
Matador said that it had identified risks associated with its current treasury primarily denominated in Canadian dollars.
“Canada’s reliance on oil exports and its rising national debt raise concerns about potential devaluation and loss of purchasing power for Canadian-denominated assets,” it added. 
Matador stated that it plans to front-load an initial allocation of $4.5 million into Bitcoin BTCUSD in December and “will continue to explore additional purchases at the board level via measured buying programs.”
It also plans to convert the majority of its cash balance sheet from Canadian dollars to US dollars. Sunny Ray, President of Matador, added: 
The company stated that a Bitcoin treasury would support the development and launch of its digital gold platform next year. The platform is a blockchain-based system that will enable users to buy, trade, and store tokenized gold backed by physical reserves.
Matador is the latest in a slew of companies that have added Bitcoin to their balance sheets as a strategic reserve in recent months. 
On Dec. 20, biopharmaceutical company Quantum BioPharma disclosed the purchase of $1 million worth of BTC and other crypto assets to diversify its treasury. 
In late November, Canadian wellness firm Jiva Technologies approved a plan to add $1 million of Bitcoin to its treasury, as did video-sharing platform Rumble, which approved a strategy of allocating up to $20 million of the company’s excess cash reserves to Bitcoin.