Canadian tech company Matador has received a $1.5 million CAD strategic investment, part of which will be used to increase its Bitcoin holdings.

BlockBeats News, May 31st, according to Globenewswire report, Canadian technology company Matador Technologies Inc., focusing on Bitcoin and tokenizing real-world assets, announced that it has received a total of 1.5 million Canadian dollars investment from Arrington Capital. Arrington Capital is a digital asset management company founded in 2017 by Michael Arrington, founder of TechCrunch and CrunchBase, Heather Harde, CEO of TechCrunch, and Geoffrey Arone. The funds from this financing will be used to purchase Bitcoin, gold, and for general corporate purposes.

BlockBeats previously reported that on May 12th, Matador Technologies Inc. announced a non-brokered private placement of up to 5,454,546 units at a price of 0.55 Canadian dollars per unit. Matador expects to raise a maximum of 3 million Canadian dollars. It is expected that approximately one-third of the net proceeds from this offering will be used for the following purposes: purchasing Bitcoin; advancing the company's gold acquisition and Grammy business plan; and general corporate purposes. On January 13th, Matador announced the completion of a cash transaction totaling 4.5 million Canadian dollars to acquire approximately 29 Bitcoins, with an average price of 96,341 US dollars per Bitcoin.