Newly emerged Bitcoin Whale Matador locks in $100 million in convertible bonds, aiming to hold 1% of BTC supply.

Matador Technologies has signed a $100 million convertible bond financing agreement with ATW Partners to expand its Bitcoin holdings and plans to accumulate 6,000 BTC by 2027, with a long-term goal of holding about 1% of the total Bitcoin supply. This strategy draws on the successful blueprint of Strategy. Despite the recent market fluctuations, Matador finalized the deal on November 3 when $191 million flowed out of the Spot ETF, highlighting the significant divergence between corporate CFOs and institutional funds in their market outlook.

Strategy Mode Copying: Convertible Bonds Become a New Tool for Enterprises to Accumulate Bitcoin

The convertible bond financing model created by Strategy provides a new institutional blueprint for companies to acquire Bitcoin, and Matador Technologies is indeed a new wave among the followers.

• Financing structure: Matador's $100 million convertible bond financing, with the first tranche of $10.5 million earmarked for Bitcoin purchases. The annual interest rate on these notes is 8%, which will decrease to 5% after the company potentially lists on NASDAQ or the New York Stock Exchange.
• Accumulation Target: Matador's mid-term goal is to acquire 1,000 BTC by 2026, reaching 6,000 BTC by 2027, with a long-term ambition to control approximately 1% of the total Bitcoin supply.
• Strategic Advantage: The convertible bond structure allows companies to raise capital without immediately diluting shareholder equity. Noteholders gain downside protection through the debt instrument and participate in potential upside returns via conversion rights.

Steady Accumulation Amid Market Fluctuation: Divergence Between Whales and ETF Capital Flows

Matador and Strategy both executed their Bitcoin strategies during market fluctuations, testing their long-term beliefs and revealing different behavioral patterns of institutional investors.

• Continuous growth of Strategy: The Strategy's Q3 2025 financial report shows that it holds 640,808 BTC, accounting for more than 3% of the total Bitcoin supply, with quarterly revenue reaching 3.9 billion USD, and the value per Bitcoin rising from 39,716 USD in July to 41,370 USD in October.
• Behavioral Divergence: The U.S. Spot Bitcoin ETF saw an outflow of $191 million on November 3, following an outflow of $1.15 billion the previous week. This withdrawal of institutional funds stands in stark contrast to corporate CFOs, who view fluctuation as an accumulation opportunity.
• Counter-cyclical accumulation: Matador completed financing during a market downturn, reflecting Strategy's consistent counter-cyclical accumulation model, which is to increase Bitcoin holdings during price corrections.

S&P B- Rating and the Maturity of Specialized Financing Infrastructure

The financial infrastructure supporting corporate Bitcoin asset management strategies is significantly evolving, and Matador's trading is the latest example of this maturity.

• Collateral Protection: Matador's notes are collateralized by Bitcoin, requiring an initial principal to have a 150% collateralization rate, providing downside protection for noteholders.
• Credit Rating Breakthrough: Strategy obtained an S&P B- issuer credit rating in the third quarter of 2025. Although traditional credit rating agencies have not yet considered Bitcoin as capital, this milestone broadens its institutional financing channels.
• The emergence of professional capital: The participation of ATW Partners in the financing of Matador indicates the emergence of professional capital providers focused on Bitcoin enterprise financing in the market, marking the evolution of Bitcoin asset management models into a recognized financing category.

Matador's Strategic Ambitions and Investment Recommendations

Matador initially announced its Bitcoin asset management strategy in December 2024, with an initial allocation of $4.5 million, while the convertible bond financing reflects its expansion ambitions.

• Long-term vision: Matador's clear accumulation goals and long-term vision make it a key indicator for tracking enterprise-level Bitcoin adoption.
• Operational Suggestions: The success of Strategy and Matador indicates that the convertible bond model provides an institutionalized way for listed companies to gain exposure to Bitcoin without diluting equity. Investors should view the accumulation of such enterprises as strong evidence of the long-term structural demand for Bitcoin.

Conclusion

Matador successfully secured $100 million in convertible bond financing and aims to become a holder of 1% of the total Bitcoin supply. This once again demonstrates the scalability and attractiveness of the Bitcoin asset management model pioneered by Strategy. Amidst short-term market fluctuations, the contrarian accumulation behavior of corporate whales casts a vote of confidence in the long-term value of Bitcoin.