Sphere 3D and Cathedra Bitcoin Announce Strategic Merger to Form a Leading High-Density Computing Power Infrastructure Company, Retaining NASDAQ Listing as “ANY”

Sphere 3D and Cathedra Bitcoin Join Forces in Major Merger

Stamford, Connecticut and Toronto, Ontario – March 5, 2026 – In a groundbreaking move set to reshape the landscape of high-density computing and bitcoin mining, Sphere 3D Corp. (NASDAQ: ANY) has announced a definitive agreement to merge with Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF). This all-stock transaction aims to create a next-generation powerhouse focused on high-performance computing, energy optimization, and digital assets.

The combined entity, expected to retain the Sphere 3D name and its NASDAQ listing, will leverage Sphere’s robust capital markets access and Cathedra’s extensive energy infrastructure. The merger is poised to enhance operational efficiency and profitability while accelerating growth across North America.

Strategic Synergies and Growth Potential

Joel Block, CEO of Cathedra and anticipated CEO of the combined company, expressed enthusiasm about the merger, stating, “This transformative transaction allows us to unite our strengths and create a vertically integrated powerhouse in the high-density computing infrastructure space.” He emphasized the merger’s potential to enhance operational efficiency and accelerate growth strategies.

Kurt Kalbfleisch, CEO of Sphere, echoed this sentiment, noting that the merger represents a significant milestone for both companies. “By combining our platforms, we can create a uniquely powerful, vertically integrated platform that is exceptionally well-positioned to scale and drive operational efficiencies,” he said.

The combined company is expected to initially manage 53 megawatts (MW) of power capacity across five data centers located in Iowa, Kentucky, and Tennessee. This strategic expansion will not only enhance profitability but also diversify revenue streams through proprietary mining and hosting services.

Leadership and Governance

The merger will see Joel Block take the helm as CEO, while Kurt Kalbfleisch will continue as CFO, bringing over two decades of executive experience to the new entity. The board of directors will include seasoned professionals from both companies, ensuring a robust governance structure focused on strategic execution.

Regulatory and Shareholder Approvals

The transaction is subject to customary closing conditions, including regulatory, court, and shareholder approvals. Both companies’ boards have unanimously endorsed the merger, urging shareholders to vote in favor at upcoming meetings.

Market Implications

This merger comes at a time when the demand for high-performance computing and bitcoin mining is surging. By combining their resources and expertise, Sphere 3D and Cathedra aim to capitalize on the evolving digital infrastructure landscape, positioning themselves for significant growth in the coming years.

As the cryptocurrency market continues to evolve, this strategic alliance could set a new standard for operational efficiency and shareholder value in the industry. The anticipated completion of the merger is expected to create a formidable player in the high-density computing sector, with the potential to redefine the future of bitcoin mining and digital asset management.

For more information about the merger and its implications, stakeholders are encouraged to review the forthcoming disclosure documents detailing the transaction’s terms and conditions.