Mr. Joel Block reports

CATHEDRA BITCOIN ANNOUNCES LEADERSHIP TRANSITION

Cathedra Bitcoin Inc. has appointed Joel Block as chief executive officer.

Mr. Block will also be joining as a member and chairman of the board of directors. Concurrently, former chief executive officer A.J. Scalia and former president and chief operating officer Drew Armstrong have resigned from their roles as officers and members of the board, effective July 10, 2025, and each of them will remain engaged with the company in an advisory capacity during a transitionary period.

Mr. Block will report directly to the board and is responsible for the management and operation of the company. The board has considered Mr. Block's skills and experience and is confident that the leadership change will enable the company to pursue its strategic objectives with new guidance and vision.

Most recently, Mr. Block served as chief financial officer of U.S. Bitcoin Corp., where he led its landmark merger with Hut 8 Corp., the largest bitcoin mining merger transaction at the time. Previously, Mr. Block led a $750-million spinoff of Celsius Network LLC's bitcoin mining subsidiary in connection with its bankruptcy proceedings, which became Ionic Digital Inc. Mr. Block has extensive experience in both private and public capital markets and operating in the data centre and bitcoin mining arena. Mr. Block also served as chief executive officer of Collegewise, one of the largest college admissions companies in the United States. Mr. Block also served in a number of roles at Credit Suisse, including as a vice-president on the institutional fixed-income sales team, where he specialized in interest rate derivatives and hedging transactions.

"I'm excited to join Cathedra as CEO and a member of the board at this important inflection point for the company," said Mr. Block. "I have great respect for the foundation that's been built, and I am energized by the opportunity to lead the company into its next chapter. With the board's partnership, I intend to drive a clear strategic vision focused on operational excellence, disciplined growth and unlocking long-term value in this dynamic and rapidly evolving sector."

"We're thrilled to welcome Joel as our new CEO," said outgoing chairman of the board, Gavin Qu. "He brings a rare combination of strategic vision, technical depth and a strong ability to execute. Joel has consistently scaled businesses with focus and speed, even in volatile markets -- making him the right leader for this next chapter. The board has full confidence in Joel's leadership. We're also grateful to A.J. and Drew for their meaningful contributions in shaping Cathedra to this point -- their vision, persistence and commitment laid the groundwork for the company's future success."

"I am proud of the progress Cathedra has made during Drew's and my tenure, as the company has grown into a vertically integrated developer and operator of bitcoin mining data centers across the U.S.," remarked Mr. Scalia. "We are excited about the future direction of the company and are confident Cathedra will continue to prosper under Joel's leadership."

About Cathedra Bitcoin Inc.

Cathedra develops and operates digital infrastructure assets across North America. The company hosts bitcoin mining clients across its portfolio of three data centres (30 megawatts total) in Tennessee and Kentucky and recently developed and sold a 60-megawatt data centre in North Dakota, a joint venture in which Cathedra held a minority interest, closing of which is anticipated to occur in 2025. Cathedra also operates a fleet of proprietary bitcoin mining machines at its own and third party data centres, producing approximately 400 petahashes per second of hash rate. Cathedra is headquartered in Vancouver and its subordinate voting shares trade on the TSX Venture Exchange under the symbol CBIT and in the OTC (over-the-counter) market under the symbol CBTTF.

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