Cathedra Bitcoin Set for US Listing by Year End After Merger with Kungsleden

Toronto-listed bitcoin mining firm Cathedra Bitcoin has announced it has secured conditional approval for its merger with U.S.-based mining colocation provider Kungsleden. Cathedra has also resumed the process of listing its shares on a major U.S. stock exchange, with the listing expected to be completed in the second half of 2024, according to TheMinerMag.

The conditional approval from the Toronto Stock Exchange allows Cathedra to move forward with a shareholder meeting on July 22 to approve the merger plan. The deal is anticipated to close shortly thereafter, and trading of Cathedra’s shares will resume.

This merger, originally announced in March, involves a reverse takeover with Kungsleden, which currently hosts a portion of Cathedra’s proprietary hashrate in Tennessee. Initially, Kungsleden was set to hold a 77.5% stake in the merged entity. However, the latest agreement has revised this stake to 72.5%, with existing Cathedra shareholders owning the remaining 27.5%.

Cathedra had previously explored a dual listing option but paused the process in 2022 due to weak market conditions. The resumption of its U.S. listing process marks a significant step forward for the company, aiming to expand its presence and attract more investors.