Golden Finance reports that Canadian Bitcoin mining company Cathedra Bitcoin is shutting down its seven-year mining operations and shifting to a new strategy: buying as much Bitcoin as possible on the open market, similar to MicroStrategy.

In a September 16th "Bitcoin Financial Strategy Memorandum," Cathedra explained that its new plan will align "all capital allocation decisions" towards maximizing the company's Bitcoin per share holdings - a metric considered "most important" by many of its largest shareholders.

Similar to companies like MicroStrategy and Metaplanet, Cathedra will issue stock, debt options, or hybrid securities to purchase more Bitcoin. The company may also borrow against some of its balance sheet assets as collateral. Treasury data shows the company currently holds 23 Bitcoin, valued at $2.5 million, making it the 45th largest corporate Bitcoin holder.