Cathedra Bitcoin Cleared to Merge With Sphere 3D in June

Cathedra Bitcoin Inc. (OTCQB: CBTTF) has received final court approval for its business combination with Sphere 3D Corp. (NASDAQ: ANY), clearing the last major hurdle before the deal is expected to close on June 1, 2026.

What was approved

A court in British Columbia has granted the final order for the statutory plan of arrangement under which Sphere 3D will acquire Cathedra Bitcoin in an all‑stock transaction.

This follows Cathedra securityholders’ overwhelming backing of the deal, with roughly 99.95% of votes cast in favor at a special meeting held on May 15, 2026.

Under the agreement, Cathedra shareholders and other securityholders will receive Sphere 3D common shares (or equivalent exchangeable securities), giving them about 49% of the combined company’s share capital immediately after closing.

The combined entity will keep the Sphere 3D name and is expected to continue trading on Nasdaq under the ticker ANY, while Cathedra’s listings on the TSXV and OTCQB will be delisted after completion.

What the combined company looks like

Once the transaction closes, the merged platform is expected to operate around 53 megawatts of managed power capacity across five data centers in Iowa, Kentucky, and Tennessee.

The business is positioned as a power‑optimized digital infrastructure provider focused on bitcoin mining, high‑performance computing, and AI‑adjacent workloads that require dense, flexible power.

Management highlights modular and containerized infrastructure as a key advantage, allowing the combined company to deploy capacity faster and potentially shift sites based on power economics and customer demand.

Recent hosting agreements at Cathedra’s Kentucky “Shire” site are expected to utilize roughly 80% of its 15 MW capacity, providing a more stable revenue base as the merger closes.

Why it matters for CBTTF and ANY traders

For Cathedra holders, this is effectively a transition into owning a nearly half‑stake in a larger, Nasdaq‑listed digital infrastructure platform with more scale and access to capital.

For Sphere 3D, the deal adds power assets, sites, and infrastructure that expand its capacity to monetize bitcoin mining and other compute‑heavy services.

While final court approval removes a key overhang, the market will still be watching execution: integration of sites, actual uptime and power costs, and how effectively management can fill 53 MW with profitable workloads.