Sphere 3D (ANY) Stock Rockets On Bitcoin Agreement

Sphere 3D Corp (NASDAQ: ANY) is making a run for the top in the market this morning, and for good reason. The company said it entered into an agreement surrounding cryptocurrency mining. Here’s what’s going on:

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ANY Stock Climbs On Agreement With Hertford Advisors

In the press release, Sphere 3D said that it has entered into an agreement with a privately held company known as Hertford Advisors to provide a six month exclusive right to assume all of Hertford’s rights to a number of bitcoin mining agreements. 

In the release, ANY said that it has successfully assumed and executed the first Bitcoin Agreement directly with the manufacturer of mining machines. The agreement surrounds the purchase of 60,000 new mining machines that should start being delivered in November of this year. 

The deliveries will take place over the course of ten months. 

Once the deliveries are complete, Sphere 3D will have 5.7 Exahash of computing power. 

Management Commentary

In a statement, Peter Tassiopoulos, CEO at ANY, had the following to offer:

This is a significant milestone for Sphere 3D as we look to the future. We are pleased to have the opportunity to place Sphere 3D as a leader in the space with state of the art miners, in a very competitive market where time to delivery is paramount. We continue to look for ways to increase shareholder value while remaining true to our commitment to ESG principles. We believe that this series of transactions could have significant revenue and cost synergies across our value chain.

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Final Thoughts

The news released by Sphere 3D this morning is overwhelmingly positive, both for the company, and its investors. Through the agreement, the company will quickly expand its horizons in the world of Bitcoin mining, which will ultimately lead to a strong bump in profitability. All told, ANY stock is one to keep on your watchlist.  

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