Another Bitcoin Miner Adopts MicroStrategy's Playbook of Buying BTC in Open Market

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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Cathedra Bitcoin will pivot away from Bitcoin mining to providing general data center services and buying Bitcoin on the open market instead, the company said.on the open market. Then, surprisingly, one of the biggest bitcoin mining firms, Marathon Digital , adopted the same strategy. And now another miner is following the same path.

"Indeed, nine of the 10 largest publicly listed bitcoin mining companies hold less bitcoin per share today than they did three years ago. And as a bitcoin miner ourselves, Cathedra has not fared better by this metric. Meanwhile, other listed companies have adopted an explicit policy of increasing bitcoin per share, most notably MicroStrategy , and have been rewarded by equity markets," Cathedra wrote.

Additionally, the company will use other options such as debt, equity and bitcoin-linked derivatives to generate funds to buy more bitcoin. Currently, Cathedra holds 43 bitcoin on its balance sheet.

 

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