Sphere 3D Corp. has formally closed on its acquisition of Cathedra Bitcoin, combining two publicly traded firms right into a single entity centered on Bitcoin mining, vitality infrastructure, and an eventual pivot towards AI workloads. The all-stock transaction offers Cathedra shareholders roughly 49% possession of the mixed firm.
Cathedra now operates as a completely owned subsidiary of Sphere 3D, which is able to proceed to commerce on NASDAQ beneath its present image (ANY). The deal, first introduced on March 5, 2026, acquired near-unanimous help from each shareholder bases earlier than clearing its ultimate regulatory hurdle.
What the mixed firm appears to be like like
Collectively, the merged operations span 5 knowledge facilities in Tennessee, Kentucky and Iowa. The mixed footprint gives 53 MW of managed energy capability and a hash charge of 1.2 EH/s.
The deal was structured totally in inventory, that means there was no money exchanged. Holders of Cathedra securities acquired shares representing roughly 49% of the brand new firm, though sure giant holders have been restricted to 7% possession by way of the issuance of most well-liked inventory. That restrict is a governance mechanism designed to forestall any inherited Chair holder from exerting outsized affect on the mixed entity.
The approval course of and shareholder help
Cathedra shareholders voted on Might 15, giving 99.95% help for the transaction. Sphere 3D shareholders adopted swimsuit on Might 21, and the British Columbia Supreme Court docket granted ultimate judicial approval on Might 26. The British Columbia court docket’s involvement displays Cathedra’s Canadian incorporation, as the corporate was beforehand listed on the TSX Enterprise Trade beneath the image CBIT and on the US over-the-counter market as CBTTF.
AI and HPC play
The mixed firm has acknowledged plans to develop into synthetic intelligence and high-performance computing internet hosting alongside its present Bitcoin mining operations. The pitch is easy: if you have already got energy infrastructure and knowledge middle house, repurposing a few of that capability for AI workloads is the following logical step. The 53 MW of managed capability offers Sphere 3D one thing tangible to work with, however changing mining amenities into AI-grade knowledge facilities requires vital capital funding in networking, energy density upgrades, and cooling programs that go far past what Bitcoin ASICs demand.
