Matador Technologies in Canada, specializing in asset tokenization, has just become the latest company to integrate Bitcoin into its treasury.
On December 23, the company announced that the board had unanimously approved the addition of Bitcoin (BTC) and "USD-valued assets" to the balance sheet as part of a long-term capital preservation strategy they have set.
Matador emphasizes that it has identified the risks associated with the current fund primarily valued in Canadian USD.
"Canada's reliance on oil exports and the growing national debt has raised concerns about the potential depreciation and loss of purchasing power of assets priced in Canadian USD," the company added.
Matador plans to allocate an initial investment of 4.5 million USD into Bitcoin (BTC) in December and will "continue to explore additional purchases at the board level through a calculated buying program."
The company also plans to shift most of its cash balance from Canadian USD to US dollars. Sunny Ray, President of Matador, commented:
"The board and management team of Matador believe in using Bitcoin to safeguard our treasury's future. This move also supports our mission to explore the use of Bitcoin as a foundation for our gold-backed products."
The company stated that the Bitcoin treasury will support the development and launch of its digital gold platform next year. This platform is a blockchain-based system that allows users to buy, trade, and store tokenized gold backed by physical reserves.
Matador's product roadmap. Source: Matador
Matador is the latest company in a long list of businesses that have added Bitcoin to their balance sheets as a strategic reserve in recent months.
On December 20, the biotech company Quantum BioPharma announced the purchase of 1 million USD in BTC along with other cryptocurrencies to diversify its treasury.
At the end of November, the healthcare company Jiva Technologies in Canada approved a plan to add 1 million USD in Bitcoin to its treasury, similar to the video-sharing platform Rumble, with the approval of a strategy to allocate up to 20 million USD from the company’s excess cash reserves for Bitcoin.