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Sphere 3D and Cathedra Bitcoin announced that they have completed the previously announced plan of arrangement pursuant to which Sphere acquired all of the issued and outstanding shares of Cathedra under the arrangement agreement entered into on March 5, 2026, and Cathedra is now a wholly-owned subsidiary of Sphere. The Transaction was completed by way of a court-approved plan of arrangement under the Business Corporations Act. The Transaction was approved at a special meeting of the securityholders of Cathedra and at a meeting of the shareholders of Sphere, and by the Supreme Court of British Columbia.

Sphere 3D announced that shareholders have approved various proposals related to its business combination with Cathedra Bitcoin, including the issuance of Sphere 3D common shares to Cathedra shareholders. The transaction is expected to close on June 1, 2026, subject to the satisfaction of remaining customary closing conditions. At closing, the combined company will operate over 50 megawatts of energized power infrastructure across a multi-region portfolio spanning the Tennessee Valley Authority service territory in Tennessee and Kentucky, within proximity to both the Nashville and Knoxville metropolitan areas, and an operating site in Iowa. The two-grid footprint provides geographic and utility diversification across the Southeast and Midwest.