Cathedra Bitcoin cools off mining to tap MicroStrategy playbook
Cathedra Bitcoin said Bitcoin mining simply hasn’t provided enough shareholder value on a Bitcoin basis over the last three years, which prompted a change in strategy.
Canadian Bitcoin miner Cathedra Bitcoin is taking the gas pedal off its seven-year mining operation in favor of a new strategy: Buying as much Bitcoin as possible in the open market à la MicroStrategy.
In a Sept. 16 “Bitcoin Treasury Strategy Memo,” Cathedra explained its new plan will see “all capital allocation decisions” now geared toward maximizing the firm’s Bitcoin reserves on a per share basis — the “most important” metric for many of its largest shareholders.
“This represents the formalization of a policy we have always held loosely in our minds but have not always allowed to guide our decisions in a disciplined way.”
Cathedra Bitcoin said Bitcoin mining simply hasn’t provided enough shareholder value on a Bitcoin basis over the last three years, which prompted a change in strategy.
Canadian Bitcoin miner Cathedra Bitcoin is taking the gas pedal off its seven-year mining operation in favor of a new strategy: Buying as much Bitcoin as possible in the open market à la MicroStrategy. In a Sept. 16 “Bitcoin Treasury Strategy Memo,” Cathedra explained its new plan will see “all capital allocation decisions” now geared toward maximizing the firm’s Bitcoin reserves on a per share basis — the “most important” metric for many of its largest shareholders. “This represents the formalization of a policy we have always held loosely in our minds but have not always allowed to guide our decisions in a disciplined way.” Read more