Q: Thoughts on leadership and potential for this Bitcoin related company
5i Research Answer:
MATA intends to hold bitcoin as a treasury asset on its balance sheet, build bitcoin-native products and infrastructure, and it does so through capital raises. It is a very small name ($44M market cap), and it holds 77 bitcon on its balance sheet (roughly $13.2M). It aims to acquire 1,000 BTC by 2026, through capital raises, cash on hand, etc. The CEO is Deven Soni, who was brought in when MATA rebranded. His experience is mostly in investment banking, M&A, and recently, blockchain and crypto-infrastructure companies. We would consider the name very high risk, and in a bitcoin rally, it could do well, but we would prefer the industry leader in BTC treasury companies, MSTR.