Odaily News Canadian bitcoin miner Cathedra Bitcoin is halting its seven-year-old mining operations in favor of a new strategy: emulating MicroStrategy and buying as much bitcoin as possible on the open market. In a Sept. 16 “Bitcoin Treasury Strategy Memo,” 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” metric for many major shareholders. Cathedra said bitcoin-based mining operations do not provide enough shareholder value. Nine of the 10 largest bitcoin miners by market value now hold less bitcoin per share than they did three years ago, adding: “At the same time, other public companies have adopted explicit 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, suggesting the company will not abandon mining entirely. Data shows that the company currently holds 23 bitcoins, worth $2.5 million, making it the 45th largest corporate bitcoin holder. Cathedra’s statement suggests the company plans to stick with its Bitcoin strategy for the long term, noting that we are in the “early stages of a multi-year trend” that will see Bitcoin become the “dominant global reserve asset.” (Cointelegraph)