Canadian real-world asset tokenization company Matador Technologies has become the latest company to incorporate Bitcoin into its treasury.
company said The company announced on December 23 that its board of directors had unanimously approved adding Bitcoin (BTC) and “US dollar-denominated assets” to its balance sheet as part of what it calls a “long-term capital preservation strategy.”
Matador said it has identified risks related to the current Treasury, which is primarily denominated in Canadian dollars.
It added: “Canada's dependence on oil exports and rising national debt raise concerns about potential devaluation of Canadian-denominated assets and loss of purchasing power.”
Matador said it plans to bring forward an initial allocation of $4.5 million to Bitcoin in December and “will continue to consider additional purchases at the board level through a prudent purchasing program.”
The company also plans to convert a large portion of its cash balance sheet from Canadian dollars to US dollars. Matador President Sunny Ray added:
“Matador’s board and management believe that Bitcoin can be used to secure our financial future. This step supports our mission to explore the use of Bitcoin as a platform for gold-based products. We will also support you.”
The company said the Bitcoin Vault will support the development and launch of its digital gold platform next year. The platform is a blockchain-based system that allows users to buy, trade, and store tokenized gold backed by physical reserves.
Matador's product roadmap. sauce: matador
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Matador is the latest in a number of companies to add Bitcoin to their balance sheets as strategic reserves in recent months.
On December 20th, biopharmaceutical company Quantum BioPharma revealed that it had purchased $1 million worth of BTC and other crypto assets to diversify its finances.
In late November, Canadian wellness company Ziva Technologies approved plans to add $1 million in Bitcoin to its Treasury, and video-sharing platform Rumble also added up to $20 million of its surplus cash reserves to Bitcoin. Approved the allocation strategy.
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