Cathedra Bitcoin

The company positions itself as an interruptible and flexible load partner for grid operators, a strategy it markets as dispatchable compute. Cathedra operates primarily in the Tennessee Valley Authority service territory, structuring its facilities as high-density, instantly curtailable assets that let energy producers dispatch or shed load in real time to stabilize grid frequency and manage peak demand. This off-peak energy strategy allows the company to offer hosting clients competitive electricity rates tied to utility pricing schedules.

Cathedra's four-site fleet spans 45 MW across Tennessee and Kentucky. In late October 2025, the company commissioned a new 15 MW data center adjacent to an existing 10 MW site, delivered on time and under budget, reaching current capacity levels. In the same period, the company exited two smaller Washington state leases (terminated October 31 and December 31, 2025), consolidating its footprint in the TVA region. Proprietary bitcoin mining operations at its own and third-party sites produce approximately 400 PH/s (0.40 EH/s) of hash rate, according to BitcoinMiningStock.io data as of April 8, 2026. The company holds 28.90 BTC in treasury, per BitcoinMiningStock.io data as of June 30, 2025.

Full-year 2025 revenues were C$21.2 million, down from C$23.1 million in 2024, with a net loss of C$9.7 million compared to a near-breakeven C$0.1 million loss the prior year. In July 2024, Cathedra completed a business combination with Kungsleden, Inc., a developer of alternative high-density compute infrastructure with sites in Kentucky, Tennessee, and North Dakota. The transaction added Kungsleden co-founders Thomas Masiero and Gavin Qu to the board as co-chairmen, brought in CFO Inar Kamaletdinov, and was projected to yield approximately C$36.0 million in pro-forma annualized hosting revenue.

In April 2026, Cathedra secured a new hosting agreement covering 80% of the 15 MW Shire site in Kentucky (roughly 25% of total hosting capacity), on terms structured around its off-peak energy model. That announcement accompanied progress on the company's pending all-stock plan of arrangement with Sphere 3D Corp. (NASDAQ: ANY), announced March 5, 2026. Under the terms, Cathedra security holders would receive approximately 49% of the combined entity's outstanding shares, with the transaction expected to pair Sphere's NASDAQ listing and existing miner fleet with Cathedra's energy portfolio and infrastructure development expertise. The arrangement carries a closing deadline of September 30, 2026.