MicroStrategy, Cathedra Bitcoin and Metaplanet are leading the charge in maximizing bitcoin holdings.
Cathedra Bitcoin pivots from mining to data centers to increase bitcoin holdings per share, responding to industry pressures created by the bitcoin halving and low mining revenue.has emerged as a significant treasury asset for public companies, a trend catalyzed by MicroStrategy's decision to incorporate bitcoin into its corporate treasury in August 2020, resulting in an over 800% increase in its stock value.
Cathedra Bitcoin, a publicly traded company on the TSX Venture Exchange in Canada, has made a strategic shift from focusing solely on bitcoin mining to. The change comes as the mining industry faces increasing challenges due to the bitcoin halving. The Hashrate index, which tracks bitcoin mining revenue, is at a relatively low 43 PH/s, with an all-time low of 36 PH/s, causing many public miners to struggle in 2024.
Cathedra's goal is now to maximize bitcoin holdings per share by moving away from mining to create a more sustainable cash flow. This pivot allows the company to continuously acquire more bitcoin, focusing on long-term growth in bitcoin holdings rather than costly operational ventures. "Going forward, we will make all capital allocation decisions with the intention of maximizing our shareholders’ per-share bitcoin holdings," the company said.. Similar to Cathedra, Metaplanet is also prioritizing growth in its bitcoin holdings. Gerovich has emphasized the company's goal of boosting its holdings each month, a strategy that has led to significant gains.
The notes carry a 0.625% interest rate and mature in 2028. The proceeds will be used to redeem $500 million in high-interest 6.125% senior secured notes at a redemption price of 103.063% of the principal amount, reducing the company's interest payments. The remaining funds will be used to buy more bitcoin. The offering also includes an option for initial purchasers to buy up to an additional $135 million in notes.
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