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About Cathedra Bitcoin Inc.
Cathedra Bitcoin Inc. (TSXV: CBIT, OTCQB: CBTTF) is a North American developer and operator of high-density compute infrastructure assets with a mission to maximize per-share bitcoin holdings for its shareholders. Headquartered in Vancouver, the company operates at the intersection of digital infrastructure and cryptocurrency, with a diversified portfolio that includes bitcoin mining, hosting services, and strategic partnerships.
Core Business Model
Cathedra Bitcoin employs a hybrid business model that combines self-mining bitcoin operations with hosting services for institutional clients. This dual approach allows the company to generate revenue from mining bitcoin using its proprietary fleet of machines, while also leveraging its data center infrastructure to host third-party clients under fixed-rate and profit-sharing agreements. By diversifying its revenue streams, Cathedra mitigates risks associated with bitcoin price volatility and network difficulty increases.
Infrastructure and Operations
The company owns and operates a portfolio of data centers across North America, including facilities in Tennessee, Kentucky, and North Dakota. These data centers collectively offer over 95 megawatts of capacity, with Cathedra holding a 25% stake in its 60-megawatt North Dakota facility through a joint venture. The company also recently announced plans to develop an additional 10-megawatt greenfield bitcoin mining data center in Tennessee, further expanding its operational footprint.
Strategic Partnerships and Innovation
Cathedra has established key partnerships to enhance its operational efficiency and market reach. Notable collaborations include a profit-sharing agreement with Compass Mining to host 10 megawatts of bitcoin mining equipment and a partnership with Synota Inc. to streamline hosting payments through automated settlement tools. These partnerships not only improve cash flow cycles but also align with Cathedra's goal of accumulating bitcoin opportunistically.
Market Position and Differentiation
In a competitive landscape that includes major players like Riot Platforms and Marathon Digital Holdings, Cathedra differentiates itself through its hybrid operational model and focus on bitcoin-per-share maximization. The company's profit-sharing agreements and hosting services provide a stable revenue base, while its self-mining operations offer upside potential in bullish bitcoin markets. Additionally, its strategic merger with Kungsleden has significantly expanded its data center capacity and hosting capabilities, positioning it as a versatile player in the digital infrastructure sector.
Commitment to Sustainability
Cathedra is committed to optimizing energy efficiency across its operations. The company participates in demand-response programs, such as those offered by the Tennessee Valley Authority, to align its energy usage with grid stability requirements. These initiatives not only reduce operational costs but also contribute to a more sustainable energy footprint.
Future Outlook
Looking ahead, Cathedra aims to continue expanding its data center portfolio and hosting services while maintaining a focus on maximizing bitcoin-per-share holdings. The company is also preparing for a potential listing on a major U.S. stock exchange, which could enhance its visibility and accessibility to investors. By leveraging its diversified business model and strategic partnerships, Cathedra is well-positioned to navigate the evolving cryptocurrency landscape.
Cathedra Bitcoin Inc. (TSXV: CBIT) (OTC Pink: CBTTF) has announced several business updates. The company has amended terms for a leased bitcoin mining facility in Washington State, resulting in an all-in cash cost of approximately US$28.00 per megawatt-hour and an effective break-even hash price of less than US$15.00/PH/s/d under current market conditions. In Tennessee and Kentucky, Cathedra's data centers have enrolled in a demand response program, accruing credits of approximately US$300,000 in July and August.
The company has also closed its proposed warrant repricing, reducing the exercise price of 36,819,700 warrants to C$0.12 and including a mandatory acceleration provision. Additionally, Cathedra has published a memo outlining its treasury strategy and adopting bitcoin holdings per share as the key metric for future capital allocation decisions.
Cathedra Bitcoin Inc. (TSXV: CBIT) (OTC Pink: CBTTF) has announced a non-brokered private placement financing of 25,000,000 units at C$0.10 per unit, aiming to raise C$2,500,000 with an option to upsize by an additional C$2,500,000. Each unit consists of one subordinate voting share and one share purchase warrant with a 5-year expiry and tiered exercise prices ranging from C$0.12 to C$0.20. The offering is made under the listed issuer financing exemption (LIFE) and is expected to close around October 9, 2024. Proceeds will be used for infrastructure expansion, bitcoin acquisitions, and general corporate purposes. Cathedra, following a recent business combination, now operates three data centers totaling 30 megawatts and is developing a 60-megawatt center in North Dakota.
Cathedra Bitcoin Inc. (TSXV: CBIT) (OTC Pink: CBTTF) announced its Q2 2024 financial results, highlighting a 5% year-over-year increase in revenue from bitcoin mining operations to C$3.0 million. The company adapted to post-Halving conditions by resuming 'underclocking' of machines, reducing fleetwide active hash rate to 355 PH/s but improving efficiency to 26 J/TH. Cathedra completed a business combination with Kungsleden Inc. on July 23, 2024, repositioning itself as a developer and operator of high-density compute infrastructure. Post-quarter, the company relocated 1,129 Bitmain S19J Pro machines, reducing operating costs by 31%. As of August 29, 2024, Cathedra holds C$1.5 million in cash and C$3.4 million in bitcoin (41.1 BTC), totaling C$4.9 million in liquidity.
Cathedra Bitcoin Inc. (TSXV: CBIT) has announced several operational and corporate updates. The company plans to relocate 1,129 Bitmain S19J Pro machines in Tennessee, expecting to reduce operating costs by 31%. In North Dakota, Cathedra is finalizing a 60-megawatt bitcoin mining data center, with 10 megawatts already operational. The company also intends to reprice 36,819,700 outstanding warrants to C$0.12, subject to TSXV and warrant holder approval. This repricing aims to increase the likelihood of warrant exercise, potentially providing funds for bitcoin acquisition and data center development.
Cathedra Bitcoin Inc. (TSXV: CBIT) has announced the resumption of trading on the TSX Venture Exchange (TSXV) following the completion of its business combination with Kungsleden, Inc. Trading is set to commence on August 6, 2024. The company has also engaged Integral Wealth Securities as a market maker to improve liquidity of its subordinate voting shares, for a monthly fee of $7,000. Cathedra's common shares have been re-designated as subordinate voting shares with the new CUSIP number 14919F206. The company is also in the process of relisting its shares on the OTCQB, expected to resume shortly after TSXV trading begins.
Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) has completed its business combination with Kungsleden, Inc., creating a developer and operator of high-density compute infrastructure with 95 MW of expected power capacity and 4.8 EH/s of expected hash rate under management. The transaction resulted in Kungsleden shareholders owning approximately 72.5% of Cathedra's equity and 80% of voting rights. Cathedra's shares are expected to resume trading on the TSXV under the symbol 'CBIT' around early August 2024. The company also plans to list on a major U.S. stock exchange in the second half of 2024, subject to approvals.
Cathedra Bitcoin Inc. (TSXV: CBIT) (OTC Pink: CBTTF) held its Annual General and Special Meeting on July 22, 2024, with 63.90% of outstanding shares represented. Shareholders approved all matters, including the proposed merger with Kungsleden, Inc. Key approvals include:
1. Appointment of SRCO Professional as auditors
2. Setting the number of directors at seven
3. Election of seven directors
4. Approval of the merger with Kungsleden, Inc.
5. Alteration of articles to create a new class of multiple voting shares
6. Authorization for potential share consolidation
7. Approval of the Company's equity-based incentive plan
The Company expects to close the merger soon, subject to TSX Venture Exchange approval, with trading of Cathedra shares to resume shortly after.
Cathedra Bitcoin has published its 2024 letter to shareholders, detailing the company's performance and outlook. CEO AJ Scalia and President Drew Armstrong highlighted the company's progress over the past three years, the current state of bitcoin mining, and a proposed merger with Kungsleden. For more details, the full letter is available on the company's website.
Cathedra Bitcoin, a diversified bitcoin mining company, clarified its previously announced share consolidation proposal and scheduled a joint investor presentation with Kungsleden management. The share consolidation, which will be discussed at the July 22, 2024 shareholder meeting, aims to meet the minimum share price requirements for a planned U.S. stock exchange listing. This listing, targeted for completion by the end of 2024, is contingent on the proposed merger with Kungsleden and regulatory approvals. The consolidation ratio could be up to 150:1 but will only be as high as necessary. Cathedra's management believes that the U.S. listing will enhance the company's public profile, access to capital, and liquidity. A virtual presentation is scheduled for July 9, 2024, to discuss the merger and its benefits.
Cathedra Bitcoin has received conditional approval from the TSX-V for its merger with Kungsleden, Inc. The amended share exchange agreement will increase Cathedra's ownership in the new company to 27.5%, reducing the total consideration paid to Kungsleden shareholders by C$19.2 million. A shareholder meeting is scheduled for July 22, 2024, to approve the merger, after which trading of Cathedra's shares on the TSX-V will resume. Cathedra is also working towards listing on a major U.S. stock exchange, expecting completion in the second half of 2024. The company has engaged Oak Hill Financial for investor relations and marketing services.
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