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Sphere 3D will acquire Cathedra Bitcoin Inc. in an all-stock deal, forming a company centered on high-density computing infrastructure. This merger combines Sphere's Nasdaq listing and mining fleet with Cathedra's energy assets and data center strategies, creating a vertically integrated platform in North America.

Cathedra's shareholders will receive shares representing about 49% of the new entity, which will retain the Sphere 3D name and trade under the ticker ANY. The combined company will manage 53 megawatts of power across five data centers in Iowa, Kentucky, and Tennessee while integrating mining with data center operations. The transaction is subject to regulatory and shareholder approvals.