Why Sphere 3D Shares Are Surging Higher Today

Sphere 3D Corp ANY is trading higher Friday after the company announced an agreement to acquire exclusive rights for the assignment of cryptocurrency mining assets.

Sphere 3D entered into the agreement with Hertford Advisors. The agreement provides Sphere 3D a six month exclusive right to assume all of Hertford's rights to a number of bitcoin mining agreements.

Sphere 3D successfully executed the first Bitcoin BTC/USD agreement for the purchase of up to 60,000 new bitcoin mining machines.

"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," said Peter Tassiopoulos, CEO of Sphere 3D. 

Price Action: Sphere 3D is making a new 52-week high in trading today.

At last check Friday, the stock was up 42.10% at $4.89.