Sphere 3D Shares Shoot Higher As It Agrees To Acquire Cryptocurrency Mining Rights

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  • Sphere 3D Corp ANY inked an agreement with turnkey mining solutions provider Hertford Advisors Ltd to provide a six-month exclusive right to assume all of Hertford's rights to several bitcoin mining agreements.
  • Sphere 3D has executed the first Bitcoin Agreement directly with the manufacturer to purchase up to 60,000 new bitcoin mining machines.
  • The deliveries are likely to commence in November and continue over the next ten months. The arrangement will give Sphere 3D 5.7 Exahash of computing power upon completion of delivery.
  • Sphere 3D will issue common shares to Hertford and a new series of preferred shares based upon certain milestones.
  • The milestones include two additional contracts to purchase up to another 160,000 miners for a total of 220,000. It also has the right to complete negotiations to secure a long-term contract for a 200,000 square foot crypto mining facility to supply up to 1GW of carbon-neutral power and 1GW of capacity from the grid as backup.
  • Sphere 3D will have 21.5 Exahash computing power upon the accomplishment of the two contracts.
  • Sphere D will issue 4.5 million common shares (worth $14.9 million as of Aug. 4) to Hertford upon the assignment of the contracts and additional consideration based on milestones.
  • Price action: ANY shares traded higher by 41% at $4.84 in the premarket session on the last check Friday.
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