Odaily Planet Daily News Canadian Bitcoin mining company Cathedra Bitcoin is stopping its seven-year mining business and adopting a new strategy: emulating MicroStrategy to buy as much Bitcoin as possible on the open market. In a "Bitcoin Treasury Strategy Memorandum" on September 16, Cathedra explained that "all capital allocation decisions" under the new plan will now maximize the company's Bitcoin reserves on a per-share basis - the "most important" indicator for many major shareholders. Cathedra said that Bitcoin-based mining operations do not provide enough shareholder value. Nine of the 10 largest Bitcoin mining companies by market value now hold less Bitcoin per share than they did three years ago, adding: "At the same time, other public companies have also adopted clear policies to increase the price of Bitcoin per share, most notably MicroStrategy, and have been rewarded by the stock market." Cathedra said it will instead develop data operations centers to generate "predictable cash flow" to buy more Bitcoin, and will retain Bitcoin produced by existing mining operations, indicating that the company will not abandon mining completely. Data shows that the company currently holds 23 bitcoins, worth $2.5 million, making it the 45th largest corporate bitcoin holder. Cathedra's statement indicates that the company plans to stick to its bitcoin strategy for the long term, noting that it is currently in the "early stages of a multi-decade trend" and that bitcoin will become the "dominant global reserve asset." (Cointelegraph)