Matador Technologies has been approved to sell up to $58.4 million worth of company shares to accumulate 1,000 Bitcoin by 2026. Currently holding 175 BTC worth $15.3 million, Matador aims to closely monitor Bitcoin’s volatility to deploy capital strategically. Shares in Matador fell 3.57% following the news.

Over 190 publicly traded companies now hold Bitcoin on their balance sheets, with institutional adoption rising after spot Bitcoin ETFs launched last year. However, some companies are selling portions of their Bitcoin reserves to meet balance-sheet obligations amid market conditions tightening. Sequans backtracked on accumulating 100,000 BTC by selling 970 BTC to redeem debt.

Matador is a Bitcoin treasury company that aims to expand its holdings to 6,000 BTC by 2027, targeting 1% of Bitcoin’s fixed supply. Michael Saylor’s Strategy is the only corporate holder that has accumulated that amount to date. Matador’s focus remains on increasing Bitcoin per share over time to reach its ambitious goals.

Read more at Cointelegraph: Matador Gets Regulatory Nod for $58M Share-Sale