Sphere 3D Corp. has officially completed its acquisition of Cathedra Bitcoin, combining two publicly traded companies into a single entity focused on pivoting to Bitcoin mining, power infrastructure, and ultimately AI workloads. The all-stock transaction will give Cathedra shareholders approximately 49% ownership in the combined company.
Cathedra currently operates as a wholly owned subsidiary of Sphere 3D and will continue to trade on the Nasdaq under its existing ticker (ANY). The deal, first announced on March 5, 2026, received near-unanimous support from both shareholder groups before clearing final regulatory hurdles.
What the company will look like after the merger
The combined operation spans five data centers across Tennessee, Kentucky and Iowa. The total footprint delivers a managed power capacity of 53 MW and a hash rate of 1.2 EH/s.
The transaction consisted entirely of equity and no cash was exchanged. Cathedra security holders received shares representing approximately 49% of the new company, although some large holders were limited to 7% ownership through the issuance of preferred stock. This cap is a governance mechanism designed to prevent a single legacy Cathedra holder from wielding outsized influence within the combined entity.
Approval process and shareholder support
Cathedra shareholders voted on May 15, with 99.95% voting in favor of the transaction. Sphere 3D shareholders also filed suit on May 21st, and the British Columbia Supreme Court granted final court approval on May 26th. The British Columbia Supreme Court’s involvement reflects Cathedra’s Canadian incorporation, as Cathedra previously traded on the TSX Venture Exchange under the ticker CBIT and in the U.S. over-the-counter market as CBTTF.
The relationship between AI and HPC
The combined company has announced plans to expand into artificial intelligence and high-performance computing hosting businesses alongside its existing Bitcoin mining business. The proposal is simple. If you already own power infrastructure and data center space, repurposing some of that capacity for AI workloads is a logical next step. While 53 MW of managed capacity makes Sphere 3D concretely operational, converting a mining facility into an AI-grade data center requires significant capital investment in networking, power density upgrades, and cooling systems that far exceed the demands of Bitcoin ASICs.
