Mining Firm Cathedra Bitcoin Stops Mining, Shifts to Bitcoin Accumulation
Cathedra Bitcoin Shifts Strategy: From Mining to Buying Bitcoin
Canadian Bitcoin mining company Cathedra Bitcoin is ending its seven-year mining operations and shifting its strategy to resemble MicroStrategy, focusing on purchasing as much Bitcoin as possible in the open market.
In a "Bitcoin Financial Strategy Memo" released on September 16th, Cathedra explained its new plan will direct "all capital allocation decisions" towards maximizing the company's Bitcoin holdings per share - an indicator deemed "most important" by many major shareholders.
Similar to companies like MicroStrategy and Metaplanet, Cathedra will issue stocks, debt options, or hybrid securities to acquire more Bitcoin. The company may also borrow against a portion of its balance sheet assets.
Treasury data shows Cathedra currently holds 23 Bitcoin, valued at $2.5 million, ranking them as the 45th largest corporate Bitcoin holder.