Key Takeaways
What are the key terms of the notes?
The notes bear an annual interest rate of 8%, decreasing to 5% upon uplisting on NASDAQ or NYSE, and are backed by Bitcoin collateral.
What are Matador’s Bitcoin goals?
The company aims to acquire 1,000 BTC by 2026 and 6,000 BTC by 2027, ultimately controlling around 1% of Bitcoin’s total supply.
In a major turn of events, Matador Technologies Inc announced a modified $100 million secured convertible note facility with ATW Partners. The new agreement, which closed on November 3, updates the terms of their previous July 2025 deal.
This will give Matador, known as “the Bitcoin Ecosystem Company,” more flexibility to issue convertible bonds and strengthen its capital position.
Wall Street’s new Bitcoin whale
Under the modified facility, Matador Technologies plans to use the funds solely to purchase Bitcoin [BTC] for its corporate balance sheet.
The initial funding tranche is set at $10.5 million. Additionally, there is the potential for $89.5 million through follow-on acquisitions, which are subject to regulatory approval.
In terms of financing requirements, ATW Partners could ask Matador to issue up to $46.25 million in notes before an uplisting. After the stock exchange listing, another $28.75 million may be needed.
In total, this brings the potential bond issuance to $75 million.
To further align the interests of both parties, Matador will pay a commitment fee of 5% on all bonds issued. This arrangement supports the company’s efforts as it looks to expand its Bitcoin holdings and pursue its long-term strategy.
With this approach, Matador Technologies plans to acquire 1,000 BTC by 2026. It wants to expand this number to 6,000 BTC by 2027 to own about 1% of Bitcoin’s total supply.
Matador Technologies executives are participating
Deven Soni, CEO of Matador Technologies, said the same:
“This financing marks an important step toward our long-term Bitcoin accumulation plan. It provides the company with capital to grow our Bitcoin position while limiting near-term dilution and remaining aligned with our overall capital strategy.”
Echoing similar sentiments, Mark Moss, Chief Visionary Officer of Matador Technologies, added:
“Bitcoin remains fundamental to both our business model and treasury approach. This structure furthers our goal of increasing Bitcoin per share and underlines the continued institutional interest in our strategy.”
S&P rating, stock price and more
This coincided with Strategy Inc. received a credit rating from S&P of B issuer in the third quarter of 2025. Meanwhile, Matador Technologies reaches a BB issuer rating in August 2025, reflecting its strengthening financial profile.
In terms of prices, Matador’s shares traded at $39.26, down 0.51%, according to Google Finance. Bitcoin hovered at $103,910.91, marking a daily decline of 3.03%, as of CoinMarketCap.
Still, despite Bitcoin’s short-term dip towards $107,000, accumulation remained strong within the $106,000 – $115,000 range.