Matador Technologies said it has issued $10.5 million in senior secured convertible debentures and currently holds about 168 bitcoin. According to Odaily, the company funds its bitcoin treasury through common shares and secured convertible debentures.

The issuance is part of its $100 million secured convertible debenture facility, with $89.5 million remaining available for drawdown after regulatory approval and other conditions are met. The company said its average monthly cash operating expenses are about C$125,000 and it plans to reduce them to about C$100,000.

Shareholders are scheduled to vote on October 14 on the creation of a new class of preferred shares.