Matador Technologies, a Canadian crypto firm, has announced it will adopt Bitcoin as a treasury reserve asset, starting with a $4.5 million purchase. This strategy follows the precedent set by MicroStrategy, which has accumulated over $41 billion in Bitcoin. Matador, formerly known as Scaling Capital 1, aims to launch a platform enabling users to purchase and trade digital representations of gold by early 2025. Since its recent debut on the TSX Venture Exchange, Matador's stock has declined by 35%. The company plans to shift most of its cash balances to U.S. dollars and has noted that Bitcoin was selected due to its secure network. Physical gold reserves will be held at the Royal Canadian Mint. Matador’s president cited the move as a step to future-proof their treasury and support their gold-based product initiatives. The company also highlights its leadership ties to Metaplanet, a Japanese investment firm that has also adopted Bitcoin, indicating potential partnerships and shared strategic goals in cryptocurrency adoption.

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