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Cathedra Bitcoin Announces Fourth Quarter and Full-Year 2024 Financial Results; Filing of Restated Q3-2024 Interim Filings
Toronto, Ontario--(Newsfile Corp. - May 1, 2025) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBT...
About this update from Cathedra Bitcoin Inc
[{"type":"text","content":"Cathedra Bitcoin Announces Fourth Quarter and Full-Year 2024 Financial Results; Filing of Restated Q3-2024 Interim FilingsToronto, Ontario--(Newsfile Corp. - May 1, 2025) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) (\"Cathedra,\" the \"Company,\" or \"we\"), a bitcoin company that develops and operates digital infrastructure assets with the goal of maximizing its per-share bitcoin holdings, today announces our fourth quarter (\"Q4\") and full-year financial results for 2024: Fiscal Year 2024 Financial HighlightsTotal revenues for the year ended December 31, 2024, of C$23.1 million, compared to C$15.0 million during the year ended December 31, 2023, an increase of 55%. Total shareholders' equity as of December 31, 2024, of C$28.3 million, compared to C$2.3 million as of December 31, 2023, an increase of 1,134%.Subsequent to year end, on March 19, 2025, we agreed to prepay the outstanding principal on our 3.5% senior secured convertible debentures due November 11, 2025 (the \"Debentures\"). We paid C$4.6 million to retire the entire C$5.7 million of principal outstanding, plus accrued interest, representing a 20% discount to par. Additionally, the creditor surrendered for cancellation 10.9 million warrants to purchase subordinate voting shares of the Company. Each warrant was exercisable for one subordinate voting share of the Company at a price of C$0.12 per warrant share until November 11, 2026, subject to acceleration in certain circumstances. To partially fund the repayment of the Debentures, we entered into a new loan for US$2.5 million, which is secured by approximately 50 of our bitcoin; carries interest at a rate of 13.0% per annum, payable monthly; and is interest-only until maturity on March 18, 2026.As of April 30, 2025, we hold approximately C$0.2 million of cash and C$7.0 million of bitcoin (53.2 bitcoin) for total liquidity of C$7.2 million. Our 53.2 bitcoin translates to approximately 6 satoshis (or \"sats\") per share.Fiscal Year 2024 Operational HighlightsWe completed our business combination with Kungsleden, Inc., (the \"Kungsleden Merger\") on July 23, 2024, creating a developer and operator of high-density compute infrastructure and adding 45 megawatts of owned bitcoin mining data center capacity.Following the completion of the Kungsleden Merger, we relocated approximately 1,129 of our mining machines f...