MATAF Is Running The MSTR Playbook Right In Our Own Backyard

Matador Technologies (TSXV: $MATA; OTCQB: $MATAF; Frankfurt: IU3) just spent 11 months building what took Michael Saylor four years to assemble. Saylor turned Strategy Inc. (NASDAQ: $MSTR), formerly MicroStrategy, from nothing but a decaying software company into a multi-billion Bitcoin treasury behemoth by figuring out how to stack Bitcoin using institutional capital. The result? The stock climbed from $14 to $473, and established a whole new way for pubcos to manage a balance sheet. Today, MATAF is running the same playbook, right here on the OTC and with a market cap of under $20 million, even as clear signs emerge that they are using the same framework that scaled Saylor’s corporate Bitcoin treasury to $45 billion.

MATAF closed its qualifying transaction in December 2024 with 20 Bitcoin, listing on the TSXV. Within months, it secured two more listings, OTCQB in March and Frankfurt (IU3) in June, connecting to investors across three continents. By the end of September, the company had already filed a Form 20-F with the SEC as part of their plan to pursue a Nasdaq uplist, signaling clear intent to reach the next tier of public markets while laying the groundwork for rapid treasury growth.

As MATAF expanded its presence across multiple markets, its Bitcoin treasury grew alongside its public-market footprint. Holdings increased steadily from 20 $BTC at the end of 2024 to 82 BTC by early November 2025 through multiple, carefully sized purchases, each deliberately timed to build the company’s core position. The measured approach demonstrated discipline and strategic intent, creating a structure that could support larger-scale accumulation while reinforcing the company’s ability to manage capital effectively.

That foundation enabled MATAF to execute its largest single purchase to date, converting CAD $13.2 million into 92 Bitcoin back in November, instantly more than doubling the treasury to 175 Bitcoin. With the full ramp and the November purchase combined, Bitcoin-per-share had increased around 550% since the start of the build, a rare outcome in this space where most see dilution far outpace BTC accumulation.

Looking ahead, MATAF is targeting 1,000 Bitcoin by the end of 2026, a haul that would place it among the top 50 public BTC holders worldwide. From 175 coins today, that means adding another 825, roughly $80 million at current prices. What's more, the company has the financing lined up: a $100 million convertible note from ATW Partners, of which $10.5 million was drawn in November, and a CAD $80 million shelf prospectus approved

 by Canadian regulators on December 22. Together, the total capacity sits near $150 million, nearly double what’s needed to reach the 1,000 Bitcoin target, giving MATAF the means to execute without hesitation.

MATAF achieved in a year what typically takes public companies years to assemble, building a Bitcoin treasury, securing multi-market listings, and structuring a foundation that positions it to aggressively snowball into its next era. With the execution capability proven and the liquidity now fully unlocked, the company has shifted from building infrastructure to pure accumulation, turning early momentum into a sustainable competitive advantage. From the OTC to a potential Nasdaq uplist, Matador is moving with deliberate speed, establishing itself as a serious institutional contender and proving that the MSTR playbook can be executed with equal impact from a humble microcap start.

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