Sphere 3D Corp. has formally closed its acquisition of Cathedra Bitcoin, combining two publicly traded corporations right into a single entity targeted on Bitcoin mining, energy infrastructure, and an eventual pivot towards AI workloads. The all-stock transaction provides Cathedra shareholders roughly 49% possession of the merged firm.
Cathedra now operates as a wholly-owned subsidiary of Sphere 3D, which is able to proceed buying and selling on NASDAQ beneath its current ticker (ANY). The deal, first introduced on March 5, 2026, acquired near-unanimous assist from each shareholder bases earlier than clearing its closing regulatory hurdle.
What the mixed firm seems like
Collectively, the merged operations span 5 knowledge facilities throughout Tennessee, Kentucky, and Iowa. The mixed footprint delivers 53 MW of managed energy capability and a hash fee of 1.2 EH/s.
The deal was structured fully in inventory, which means no money modified arms. Cathedra safety holders acquired shares representing roughly 49% of the brand new firm, although sure massive holders had been capped at 7% possession by means of the issuance of most well-liked shares. That cap is a governance mechanism designed to stop any single legacy Cathedra holder from wielding outsized affect within the mixed entity.
The approval course of and shareholder backing
Cathedra shareholders voted on Might 15, delivering 99.95% assist for the transaction. Sphere 3D’s shareholders adopted go well with on Might 21, and the Supreme Court docket of British Columbia granted closing court docket approval on Might 26. The British Columbia court docket’s involvement displays Cathedra’s Canadian incorporation, as the corporate beforehand traded on the TSX Enterprise Trade beneath the ticker CBIT and on the US over-the-counter market as CBTTF.
The AI and HPC play
The mixed firm has said plans to develop into synthetic intelligence and high-performance computing internet hosting alongside its current Bitcoin mining operations. The pitch is simple: if you happen to already personal energy infrastructure and knowledge middle house, repurposing a few of that capability for AI workloads is a logical subsequent step. The 53 MW of managed capability provides Sphere 3D one thing tangible to work with, however changing mining amenities to AI-grade knowledge facilities requires vital capital funding in networking, energy density upgrades, and cooling methods that go properly past what Bitcoin ASICs demand.
