Cathedra Bitcoin Announces Corporate and Operational Updates

Executive Summary

• Cathedra Bitcoin Inc. closed a non‑brokered private placement of 430,000 units at CAD $1.25 per unit, raising CAD $537,500 to fund infrastructure expansion.
• The company announced a new 10 MW hosting agreement with Sphere 3D Mining and confirmed continuation of its 10 MW partnership with Compass Mining.
• Approved a 5 MW expansion at the Brickyard site in Kentucky, bringing total planned capacity at that location to 15 MW and overall power capacity to ~50 MW.

Key Details

• Private Placement Closing – 430,000 units sold at CAD $1.25 each; gross proceeds of CAD $537,500. Each unit includes one subordinate voting share and one warrant (exercise price CAD $1.88, two‑year term). Net proceeds earmarked for infrastructure development and power expansion.
• Equity Awards – Granted 235,000 RSUs and 500,000 share purchase options to directors and executive officers; option exercise price CAD $1.42 per share (closing price on grant date). Vesting is time‑based with standard LTIP terms.
• Sphere 3D Mining Hosting Agreement – New 10 MW hosting partnership; initial machine onboarding began in November 2025. Provides additional diversified hosted capacity and flexible deployment scheduling.
• Compass Mining Hosting Continuation – Ongoing 10 MW hosting arrangement at a Kentucky data centre; Compass operates the site, pays pass‑through power costs plus 50% of net profits (net mining revenue less power cost) to Cathedra in bitcoin.
• Brickyard Site Expansion – Received approval for an additional 5 MW, raising total planned capacity at Brickyard to 15 MW. Construction slated to start December 2025; expected completion concurrent with recent 15 MW power addition, targeting overall company capacity of ~50 MW.
• Operational Footprint – Company now operates four data centres (45 MW total) in Tennessee and Kentucky, hosting third‑party miners and running its own fleet (~400 PH/s).

Notable Quotes

“The successful closing of the Offering provides the Company with the financial flexibility to accelerate key development milestones and strengthen our balance sheet… we remain excited by the diversification and credit quality of our new and continued relationships with hosting partners.” – Joel Block, CEO