![[logo_cathedra.png|300]] Company website: https://cathedra.com/ ### Introduction **Cathedra Bitcoin Inc.**, a diversified Bitcoin mining and digital infrastructure company, was founded in 2011 as Fortress Blockchain Corp. and rebranded to Cathedra Bitcoin in 2021 following a strategic pivot to focus on Bitcoin-related operations. Headquartered in Vancouver, British Columbia, Canada, the company's mission is to maximize per-share Bitcoin holdings by developing and operating high-density compute infrastructure, emphasizing all-weather strategies for sustainable growth in the Bitcoin ecosystem. Key focus areas include Bitcoin mining with proprietary fleets, hosting services for third-party miners, and data center development across North America, leveraging energy-efficient operations in states like Tennessee and Kentucky to secure the Bitcoin network while adapting to market conditions. As of mid-2025, Cathedra operates approximately 400 PH/s of hashrate and holds around 53 Bitcoin, positioning itself for expansion amid rising Bitcoin values and industry consolidation. ### Key Products and Technology - **Bitcoin Mining Operations**: Proprietary fleet of ASIC miners producing 400 PH/s hashrate across owned and third-party sites; focuses on self-mining Bitcoin with energy-efficient setups. Features include demand-response programs for grid stability and profit-sharing with hosting clients; applications secure the Bitcoin network, generating revenue from block rewards (e.g., produced 73.40 BTC in Q3 2023, with similar output trends in 2025). - **Hosting Services**: Provides colocation for third-party Bitcoin miners in owned data centers totaling 30 MW in Tennessee and Kentucky; includes power management and infrastructure support. Technologies emphasize low-cost energy (e.g., ~US$30/MWh in new agreements) and scalability; applications enable clients' mining without capital expenditure, contributing to ~C$6.5 million Q1 2025 revenue. - **Data Center Development**: Builds and operates high-density compute facilities, including recent sale of a 60 MW site in North Dakota; focuses on greenfield projects with rapid deployment (e.g., 3-month build time). Features modular designs for flexibility; applications support Bitcoin mining and potential high-performance computing, with expansions like a new 10 MW Tennessee site. - **Energy Settlement Software Integration**: Via partnerships, implements automated payment tools for energy bills; enhances cash flow with daily/weekly settlements. Features blockchain-based efficiency; applications optimize operations in volatile energy markets. ### Team and Leadership - **Joel Block, Chief Executive Officer and Chairman**: Appointed CEO on July 10, 2025; former CFO of US Bitcoin Corp. (now Core Scientific), with expertise in financial strategy, operations, and growth in Bitcoin mining; focuses on operational excellence and shareholder value. - **Tom Masiero, Head of Strategy**: Co-founder of Kungsleden (merged with Cathedra in 2024); oversees strategic initiatives, including data center expansions and partnerships; background in Bitcoin mining infrastructure development. - **Gavin Quinn, Head of Operations**: Co-founder of Kungsleden; manages day-to-day mining and hosting operations; experienced in deploying over 220 MW of mining capacity across the U.S. - **Inar Kamaletdinov, Chief Financial Officer**: Joined via 2024 merger; handles financial planning and compliance; prior experience in corporate finance within tech and mining sectors. - **Antonin (AJ) Scalia, Former Chief Executive Officer**: Led through 2024 merger and early 2025 growth; transitioned out in July 2025; expertise in Bitcoin strategy and treasury management. [@ajscalia](https://x.com/ajscalia). ### Recent News and Developments (2025) | Date | Event | Details | |------------|--------------------------------|-------------------------------------------------------------------------| | July 17, 2025 | Early Repayment of Outstanding Debt | Repaid ~US$2.56 million BTC-backed loan using 21.6 BTC, recovering 28.9 BTC collateral; strengthened balance sheet amid >50% BTC price rise. | | July 11, 2025 | Leadership Transition | Appointed Joel Block as CEO and Chairman; AJ Scalia and Drew Armstrong stepped down to pursue new opportunities. | | May 30, 2025 | First Quarter 2025 Financial Results | Reported C$6.5 million revenue (11% YoY increase); held 52.5 BTC; highlighted debt restructuring and ND site sale progress. | | May 27, 2025 | Conference Schedule Announcement | Executives to speak at Bitcoin 2025 in Las Vegas on treasury management; webcasts available on company site. | | May 7, 2025 | Repurchase of Warrants | Repurchased and canceled 14.2 million warrants, optimizing capital structure. | | May 1, 2025 | Fourth Quarter and Full-Year 2024 Results | Released with restated Q3 2024 filings; noted enrollment in TVA demand-response programs and 53.2 BTC holdings as of April 30, 2025. | | April 8, 2025 | BTC-Backed Loan Details | Secured US$2.5 million loan from Arch Lending at 13% interest, collateralized by 50 BTC; no prepayment penalty for flexibility. | | March 24, 2025 | Debt Restructuring | Retired C$5.7 million convertible debt at 20% discount (C$4.6 million payment) and canceled 10.9 million warrants. | | March 4, 2025 | Sale of North Dakota Data Center | Sold 60 MW facility for ~US$21 million via JV; transaction expected to close soon, enhancing capital efficiency. | | January 21, 2025 | Partnership with Synota | Collaborated on energy settlement platform for automated payments, improving cash flow for hosting operations. | | January 6, 2025 | New Power Purchase Agreement | Executed 10 MW PPA in Tennessee at ~US$30/MWh; construction to begin post-approvals, operational in ~3 months. | ### Partnerships and Collaborations - **Synota Inc.**: Announced January 2025; integrates Synota's software for automated, real-time energy payments (daily/weekly settlements); enhances financial operations for commercial & industrial energy users in mining. - **Arch Lending**: Provided US$2.5 million BTC-backed loan in March 2025 (13% interest, 50 BTC collateral); no prepayment penalties, supporting debt restructuring; focuses on resilient financing for miners. - **Tennessee Valley Authority (TVA)**: Enrolled three data centers in demand-response programs by Q4 2024 (continuing into 2025); enables grid support and potential revenue from curtailment. - **Joint Venture for North Dakota Facility**: Minority interest in 60 MW data center development; sold in March 2025 to a third-party miner for US$21 million, optimizing portfolio. ### Closing Note As a publicly traded company (TSX-V: CBIT; OTCQB: CBTTF) with ~C$7.2 million in liquidity (including 53 BTC) post-debt restructuring and asset sales, Cathedra Bitcoin is in a growth stage, with a favorable outlook driven by operational expansions, strategic partnerships, and Bitcoin market recovery targeting increased per-share holdings through 2026. *Report generated July 28, 2025*