By adding Bitcoin to its balance sheet, Matador Technologies has taken its place among the companies that include crypto assets in their treasury as part of their long-term capital preservation strategy.
Canada-based asset tokenization company Matador Technologies announced that it has added Bitcoin to its balance sheet and is among the companies that have taken this step. The company stated in a statement on December 23 that its board of directors unanimously approved the addition of Bitcoin and dollar-denominated assets to the treasury in line with its long-term capital preservation strategy.$BTC
Matador said it has identified various risks to its treasury, which is currently largely managed with Canadian dollar-denominated assets. The company said Canada’s dependence on oil exports and rising national debt pose risks such as the devaluation of Canadian dollar-denominated assets and the decline in purchasing power.
Will make first $4.5 million Bitcoin purchase
The company said it plans to make its first Bitcoin purchase of $4.5 million this month, followed by “measured purchase programs at the board level.” It also said it will convert a large portion of its cash assets from Canadian dollars to U.S. dollars.
Matador Chairman Sunny Ray said the company’s board and management see Bitcoin as a strategic tool to future-proof their treasuries. Ray said the move also supports the company’s mission to use Bitcoin as a platform for gold-based products.
The company added that the Bitcoin treasury will support the development and implementation of a digital gold platform that will be launched next year. It was stated that this platform is designed as a blockchain-based system that will enable the purchase, sale and storage of tokenized gold backed by physical reserves.