#What does the merger mean for Sphere 3D and Cathedra Bitcoin?
Sphere 3D Corp. has finalized its acquisition of Cathedra Bitcoin, integrating two publicly listed companies focused on Bitcoin mining and power infrastructure. This stock-based transaction allows Cathedra shareholders to hold nearly 49% of the newly merged entity.
As a wholly-owned subsidiary of Sphere 3D, Cathedra will continue to operate under the NASDAQ ticker ANY. Announced on March 5, 2026, the merger garnered substantial backing from shareholders, paving the way for its regulatory approval.
#How is the combined company set up?
The merger brings together operations from five data centers located across Tennessee, Kentucky, and Iowa, establishing a combined power capacity of 53 MW and a hash rate of 1.2 EH/s. The financial structure of the deal was entirely in stock, ensuring no cash exchange occurred. While Cathedra security holders will own around 49% of the new company, select major holders are restricted to 7% ownership through preferred shares, a governance measure designed to limit excessive influence from any singular legacy holder.
#What steps were taken for approval?
Shareholder votes took place on May 15, with Cathedra securing an impressive 99.95% approval for the merger. Sphere 3D's shareholders followed with their vote on May 21, leading to final court approval from the Supreme Court of British Columbia on May 26. This process was particularly significant due to Cathedra’s Canadian roots, as it previously traded on the TSX Venture Exchange under the ticker CBIT and on the US over-the-counter market as CBTTF.
#What are the future plans for the company?
The newly formed company intends to diversify its operations by venturing into artificial intelligence and high-performance computing hosting, in addition to Bitcoin mining. This strategic decision is justified by the existing power and data center infrastructure. Although the 53 MW of managed power capacity provides a robust starting point, repurposing mining facilities for AI workloads requires considerable investments in networking, power systems, and cooling enhancements.