Mining company Cathedra Bitcoin will cease mining operations and instead increase its holdings of Bitcoin

Canadian Bitcoin mining company Cathedra Bitcoin is ceasing its seven-year mining operation and adopting a new strategy: buying as much Bitcoin as possible on the open market, like MicroStrategy. In the "Bitcoin Financial Strategy Memorandum" on September 16th, Cathedra explained that its new plan will direct "all capital allocation decisions" towards maximizing the company's per-share bitcoin reserves - an indicator considered to be "most important" by many of its largest shareholders. Similar to companies like MicroStrategy and Metaplanet, Cathedra will issue stocks, debt options or hybrid securities to purchase more Bitcoins. The company may also borrow against some of its balance sheet assets as collateral. Treasury data shows that the company currently holds 23 bitcoins worth $2.5 million USD, making it the 45th largest corporate holder of Bitcoin.