According to the announcement, published at block height 861,570, the decision comes after an internal review, revealing that mining has not been a reliable way to grow the company’s bitcoin per share. According to Cathedra, nine of the ten largest publicly listed bitcoin miners hold less bitcoin per share today than they did three years ago.

To counter this, Cathedra plans to pivot to more predictable revenue streams, such as developing and operating data centers and using the profits to acquire additional bitcoin (BTC). The company outlined several tactics to increase its BTC per share, including continuing limited proprietary mining, purchasing bitcoin through cash flow from its data center operations, and using financial instruments like bitcoin-linked derivatives.

Cathedra’s management believes this shift will position the company to better serve its shareholders, with current holdings standing at 43 bitcoin, or 5 satoshis per share. The announcement arrives as bitcoin mining profits hit a rough patch, with daily hashprice earnings stuck at a modest $42 per petahash per second (PH/s).

In its latest update, Cathedra’s new approach emphasizes capitalizing on bitcoin’s long-term value proposition as a global reserve asset. By reducing its reliance on mining, the company expects to deliver stronger financial performance and improved shareholder returns over time. Just recently, Microstrategy revealed plans for a private offering of $700 million in convertible senior notes to buy more BTC after acquiring 18,300 bitcoins a few days prior.

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