Sphere 3D Corp. has officially closed its acquisition of Cathedra Bitcoin, combining two publicly traded companies into a single entity focused on Bitcoin mining, power infrastructure, and an eventual pivot toward AI workloads. The all-stock transaction gives Cathedra shareholders approximately 49% ownership of the merged company.
Cathedra now operates as a wholly-owned subsidiary of Sphere 3D, which will continue trading on NASDAQ under its existing ticker (ANY). The deal, first announced on March 5, 2026, received near-unanimous support from both shareholder bases before clearing its final regulatory hurdle.
What the combined company looks like
Together, the merged operations span five data centers across Tennessee, Kentucky, and Iowa. The combined footprint delivers 53 MW of managed power capacity and a hash rate of 1.2 EH/s.
The deal was structured entirely in stock, meaning no cash changed hands. Cathedra security holders received shares representing roughly 49% of the new company, though certain large holders were capped at 7% ownership through the issuance of preferred shares. That cap is a governance mechanism designed to prevent any single legacy Cathedra holder from wielding outsized influence in the combined entity.
