Cathedra Bitcoin, the Canadian bitcoin miner, is shutting down its seven-year-old mining operation in favour of a new strategy: buying as many bitcoins as possible on the open market, as MicroStrategy has done. In its "Bitcoin Financial Strategy Memorandum" on September 16, Cathedra explained that its new plan would move "all capital allocation decisions" towards maximising the company's per-share bitcoin reserves - what many of its largest shareholders consider "the most important" metric.
Similar to companies such as MicroStrategy and Metaplanet, Cathedra will issue shares, debt options or hybrid securities to buy more bitcoins. The company may also borrow against some of its balance sheet assets. The company currently holds 23 bitcoins, worth $2.50 million, making it the 45th largest corporate bitcoin holder, according to Treasury data.
Mining company Cathedra Bitcoin will stop mining operations and increase its holdings of bitcoin
2024-09-17 01:25:58
Canada bitcoin mining companies cathedra bitcoin stopped its seven years mining businessdesk3cryptocurrencydesktopCrypto News
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