Sphere 3D Corp. (NASDAQ: ANY) completed its acquisition of Cathedra Bitcoin Inc. on June 1, creating a combined entity with 53 megawatts of operating data center capacity across five facilities in Iowa, Kentucky, and Tennessee.

The combined company operates data centers totaling 53 MW of power capacity and maintains 1.2 EH/s of installed mining hash rate. Management indicated the entity has a pipeline exceeding 100 MW of potential expansion opportunities.

Joel Block assumed the role of chief executive officer of the combined company, while Kurt Kalbfleisch continued as chief financial officer. The board includes Tim Hanley as chair, along with Marcus Dent, Kurt Kalbfleisch, Nicholas Gates, and Joel Block.

Cathedra's shares are expected to be delisted from the TSX Venture Exchange and OTCQB markets at the close of trading on June 2. Sphere's shares continue trading on NASDAQ under the ticker "ANY".

Block received a one-time inducement equity award of 500,000 restricted stock units, vesting bi-annually in four equal installments over two years, subject to continued employment.

The transaction creates a platform that combines proprietary mining operations with hosting services for third parties. The company indicated it may evaluate opportunities in high-performance computing and AI infrastructure applications.

Dumoulin Black LLP and Greenberg Traurig LLP served as legal counsel to Cathedra, while Meretsky Law Firm and Pryor Cashman LLP advised Sphere.