Wall Street’s New Bitcoin Whale: Firm Locks $100M to Stack BTC, Plans 1% of Supply
Matador Technologies secured a $100 million convertible notice facility with ATW Partners to increase its Bitcoin holdings.
The mannequin has confirmed enticing to institutional buyers looking for Bitcoin publicity by way of fixed-income devices, as its predecessor, Strategy, confirmed conviction in Bitcoin’s long-term worth proposition.
Convertible Debt Model Scales Across Market Caps
Strategy pioneered the convertible notice strategy for Bitcoin acquisition, establishing the blueprint that smaller firms now comply with. Matador Technologies represents the subsequent wave of firms adopting this mannequin. The firm secured a $100 million convertible notice facility with ATW Partners, with an preliminary $10.5 million tranche devoted solely to Bitcoin purchases.
The notes bear 8% annual curiosity, cutting down to 5% following a possible NASDAQ or NYSE itemizing. Matador targets buying 1,000 BTC by 2026 and 6,000 BTC by 2027. The long-term aim consists of holding roughly 1% of Bitcoin’s whole provide.
The convertible construction gives strategic benefits over conventional fairness financing. Companies can elevate capital with out instant shareholder dilution. Note holders obtain draw back safety by way of the debt instrument and upside participation by way of conversion rights.
Matador’s preliminary closing of $10.5 million will convert to roughly $0.53 per share. Conversion mechanics alter primarily based on the corporate’s itemizing venue and prevailing market costs. The facility consists of provisions for up to $89.5 million in extra drawdowns. This permits scaled accumulation that’s aligned with market circumstances and Bitcoin value actions.
Volatile Markets Test Long-Term Conviction
Strategy’s Q3 2025 earnings revealed 640,808 BTC held, representing over 3% of all Bitcoin. Operating earnings reached $3.9 billion with internet earnings of $2.8 billion for the quarter. Bitcoin per share elevated from $39,716 in July to $41,370 in October 2025.
Both Matodor and Strategy are executing their Bitcoin methods amid important market turbulence. Nevertheless, they’ve maintained their accumulation plans. MicroStrategy’s Bitcoin per share continued rising by way of Q3 regardless of market headwinds. Matador closed its $100 million facility throughout this correction interval.
The market dynamics reveal contrasting investor behaviors. US spot Bitcoin ETFs recorded $191 million in outflows on November 3 alone, following $1.15 billion in withdrawals the earlier week. This institutional retreat contrasts sharply with company treasurers, who view volatility as an accumulation alternative slightly than an exit sign. The divergence means that firms with convertible notice amenities can take longer-term positions. They are much less inclined to short-term sentiment shifts affecting retail and institutional fund flows.
Matador’s choice to finalize its facility phrases throughout market weak spot mirrors Strategy’s historic sample. The pioneer firm has constantly added Bitcoin throughout value corrections. This counter-cyclical strategy has confirmed useful as Bitcoin recovered from earlier downturns.
Institutional Infrastructure Enables Broader Adoption
The infrastructure supporting company Bitcoin treasury methods has developed significantly. Matador’s notes are secured by Bitcoin collateral equal to 150% of the preliminary principal quantity. Subsequent closings require 100% collateral. This gives draw back safety to notice holders whereas permitting the corporate to leverage present Bitcoin holdings.
Strategy achieved a B- issuer credit rating from S&P in Q3 2025. This milestone opens entry to bigger institutional capital swimming pools. The firm launched 4 digital credit score devices, together with STRC. These give attention to offering tax-deferred dividends and high efficient yields.
However, Strategy faces ongoing challenges. Traditional credit standing businesses don’t but acknowledge Bitcoin as capital. This impacts credit score assessments regardless of the corporate’s $83 billion market capitalization and substantial digital asset holdings.
ATW Partners’ involvement with Matador indicators rising specialization in Bitcoin-focused company finance. The agency is a number one US-based institutional investor centered on revolutionary growth-stage financing. The emergence of devoted capital suppliers signifies that the Bitcoin treasury mannequin has matured right into a acknowledged financing class.
Matador initially introduced its Bitcoin treasury strategy in December 2024 with a $4.5 million preliminary allocation. Subsequently, the corporate expanded its strategy by way of the convertible notice facility.
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