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Cathedra Bitcoin Announces Sale of 60-Megawatt Bitcoin Mining Data Center in North Dakota
Toronto, Ontario--(Newsfile Corp. - March 4, 2025) - (Block Height: 886,250) - Cathedra Bitcoin I...
About this update from Cathedra Bitcoin Inc
[{"type":"text","content":"Cathedra Bitcoin Announces Sale of 60-Megawatt Bitcoin Mining Data Center in North DakotaToronto, Ontario--(Newsfile Corp. - March 4, 2025) - (Block Height: 886,250) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) (\"Cathedra\" or the \"Company\"), a bitcoin company that develops and operates digital infrastructure assets with the goal of maximizing its per-share bitcoin holdings, is pleased to announce that the shareholders of Tirpitz Technology Holdco LLC (\"Tirpitz\" or the \"JV\"), a joint venture that owns and operates a 60-megawatt bitcoin mining data center in North Dakota (the \"North Dakota Facility\"), have entered into a binding agreement to sell 100% of the membership units in the JV to a third-party bitcoin miner for total cash consideration of approximately US$21.0 million (the \"Transaction\"). Through a wholly owned subsidiary, Cathedra holds a 25% membership interest in the JV which will be sold in the Transaction. The agreement was entered into on December 18, 2024, and was contingent upon the completion of several performance milestones which were recently achieved.Kungsleden, Inc., (\"Kungsleden\") began development of the North Dakota Facility in Q1 2024, and completed construction of the full 60-megawatt data center in Q4 2024, after the business combination between Kungsleden and Cathedra had been consummated. Cathedra expects to realize an internal rate of return in excess of 60% on its equity contribution to the JV. The Transaction is expected to close in the coming weeks, subject to closing conditions and required regulatory approvals.\"The sale of the North Dakota Facility demonstrates our ability to generate attractive returns for our shareholders through our low-cost construction capabilities, whether by developing to sell or operating these assets ourselves,\" remarked Drew Armstrong, President and Chief Operating Officer of Cathedra.The Company intends to use the proceeds from the Transaction, net of any payables associated with the North Dakota Facility, to develop new data centers, acquire additional bitcoin for its long-term balance sheet reserves, and increase its cash holdings.At time of publication, the Company holds approximately 50.5 bitcoin worth approximately US$4.6 million and amounting to approximately 6 satoshis (or \"sats\") per share.About Cathedra BitcoinCathedra Bitcoin Inc. de...