Cathedra Bitcoin Inc Stock Price, News & Analysis

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has provided important operational updates concerning its bitcoin mining infrastructure. The company installed 522 Bitmain Antminer S19J Pro machines, boosting its hash rate by 52 PH/s. Delays continue for 372 machines expected soon, while a reduced order of 635 from the July batch is anticipated. In North Dakota, Cathedra decommissioned about 950 mining machines and plans future redeployment. The company is also advancing its manufacturing capabilities for proprietary bitcoin mining datacenters, focusing on efficiency amid market challenges.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) announced operational updates, including the installation of 375 Bitmain Antminer S19J Pro machines, boosting its bitcoin mining hash rate by 38 PH/s. The company has delayed the delivery of an additional 372 machines due to market conditions. They also sold 600 S19 XP machines for US$4,116,000, using proceeds to reduce a C$25,000,000 convertible debenture. Additionally, 400 underperforming machines were decommissioned at the North Dakota Mine, helping to lower operational costs.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has successfully completed a non-brokered private placement, closing the sale of 8,000,000 units at C$0.36 per unit, raising total gross proceeds of C$2,880,000. Each unit consists of one common share and three-quarters of a warrant, with total warrants of up to 6,000,000 available at varying exercise prices. The proceeds will be used for general corporate purposes. Notably, a related party, Anson Advisors, Inc., acquired all units in this offering, but the company relied on exemptions from minority shareholder approval as defined by MI 61-101.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) announced a non-brokered private placement offering to raise approximately C$2,880,000 through the sale of up to 8,000,000 units at C$0.36 per unit, driven by strong investor demand. Each unit includes one common share and three-quarters of a warrant, valid for five years. Proceeds will support general corporate purposes. The offering is expected to close on or around June 9, 2022, pending regulatory approval.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has updated its bitcoin mining operations. The company installed 323 Bitmain Antminer S19J Pros at its Washington Mine, achieving 52 PH/s. Additionally, 195 S19J Pros are being tested at its New Hampshire facility. A new Hosting Agreement has been signed to deploy 1,537 S19J Pros across Tennessee and Kentucky, anticipated to yield 154 PH/s. With these developments, Cathedra aims for a total hash rate of 725 PH/s. The company focuses on diversified energy sources and incremental growth strategies.

Cathedra Bitcoin Inc. (OTCQX: CBTTF) reported a significant increase in Q1 2022 revenue from mining operations, reaching approximately $3.11 million, up from $0.65 million in Q1 2021. The company has successfully deployed its final mining container, achieving a total hash rate of 155 PH/s. With a focus on restructuring for market challenges, Cathedra closed a private placement for $6.45 million and sold 235 bitcoin for around $8.77 million. The total cash and bitcoin held as of May 27, 2022, was approximately $2.69 million.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has successfully closed a non-brokered private placement offering, raising gross proceeds of C$6,450,000. The offering involved the sale of 17,916,667 Units at C$0.36 each, with funds earmarked for general corporate purposes and working capital. Ten31 Venture Capital acquired a significant stake, becoming an insider post-offering, holding about 10% of the company's shares. The offering awaits final approval from the TSX Venture Exchange, and all securities are subject to a mandatory hold period.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has granted 300,000 restricted share units (RSUs) and 88,841 options to employees under its long-term incentive plan, with an exercise price of C$0.35 per share as of May 17, 2022. The Company also announced the cancellation of 300,000 RSUs previously held by certain directors and officers. Cathedra, focused on Bitcoin mining, currently operates with a hash rate of 187 PH/s and plans to deploy an additional 538 PH/s in 2022, aiming for a total of 725 PH/s.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has announced a non-brokered private placement offering with Kingsway Capital and Ten31, raising approximately C$6,450,000 by selling up to 17,916,667 units at C$0.36 each. Each unit includes one common share and 0.75 warrants, which can be exercised at prices ranging from C$0.54 to C$1.54 over five years. Proceeds will support general corporate purposes and working capital. The offering is expected to close around May 20, 2022, pending regulatory approvals.