Matador Technologies, the firm that focuses on digitizing real-world assets like gold, announced to buying of $4.5 million worth of BTC over the next few days. According to the new announcement, the firm’s Board of Directors has nodded to add Bitcoin and USD-denominated assets into its corporate treasure. This indicates the firm’s confidence in Bitcoin for its long-term potential amid a soaring institutional interest in the flagship crypto globally.
Matador Plans To Buy $4.5M BTC In December
In a recent announcement, Matador Technologies said that it has received approval from its Board to add Bitcoin and USD-denominated assets into its corporate strategy. This move was part of the firm’s long-term capital preservation strategy, indicating the firm’s confidence in BTC’s potential.
In addition, the company also said that this decision comes amid soaring risks with its current treasury, which is backed by the Canadian dollar. It stated that Canada’s dependency on oil exports alongside the nation’s rising national debt sparked concerns over the potential devaluation of its fiat currency.
Meanwhile, according to the latest update, the blockchain firm plans to buy $4.5 million in BTC this month. Besides, it would continue to accumulate more in the coming days through its “measured buying programs.” In its release, the firm stated:
“The decision reflects Matador’s belief in Bitcoin’s role as a store of value asset that mitigates the downside risk of currency debasement. This move follows global trends, as institutional adoption of Bitcoin grows among corporations seeking alternatives to bonds and depreciating currencies.”
In addition, the Matador executives also lauded the development. President Sunny Ray said, “Matador’s Board and management believe in using Bitcoin to future-proof our treasury.” He also said that this move would aid the firm in leveraging Bitcoin as a platform for its gold-based products. Besides, CEO and Chairman Deven Soni stated:
“For Matador’s focus on creating a product that exemplifies trust, permanence, and value, we expect Bitcoin to be the platform of choice.”
BTC Institutional Adoption Soaring
Donald Trump’s election win in November has sparked optimism in the market, with Bitcoin soaring past the $100K mark. In addition, the anticipation of Bitcoin Strategic Reserve in the US along with robust inflow into the US Spot Bitcoin ETF has further fueled investors’ sentiment.
Amid this, this accumulation from Matador alongside other players reflects the soaring market interest towards the crypto. For context, Metaplanet has recently revealed to add 619 BTC today. On the other hand, Michael Saylor’s MicroStrategy has been betting heavily on the crypto in recent days.
Considering all these aspects, it appears that the crypto could continue its rally ahead amid the soaring institutional interest. However, despite that, BTC price today was down over 2% and exchanged hands at $97,042. Notably, this decline comes amid a gloomy sentiment noted in the broader financial sector, let alone the crypto market.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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