According to Mars Finance, on September 17, Cointelegraph reported that Canadian Bitcoin mining company Cathedra Bitcoin is stopping its seven-year mining business and adopting a new strategy: buying as much Bitcoin as possible on the open market like MicroStrategy.
In a Sept. 16 “Bitcoin Financial Strategy Memorandum,” Cathedra explained that its new plan will direct “all capital allocation decisions” toward maximizing the company’s per-share Bitcoin reserves — a metric many of its largest shareholders consider “the most important.” Similar to companies like MicroStrategy and Metaplanet, Cathedra will issue equity, debt options, or hybrid securities to purchase more Bitcoin. The company may also borrow against some of its balance sheet assets. Treasury data shows the company currently holds 23 Bitcoins, valued at $2.5 million, making it the 45th-largest corporate Bitcoin holder.