What's Going On With Bitcoin- And Ethereum-Related Stock Sphere 3D Skyrocketing Today?


Sphere 3D Corp ANY shares are trading higher by 28.60% to $0.74 Thursday afternoon. The stock is trading higher amid strength in the broader crypto space with Bitcoin and Ethereum trading higher by 4.21% to $21,406 and 4.86% to $1,241, respectively.

Sphere 3D shares are otherwise trading lower by 67.79% on a year-to-date basis amid overall market weakness following Federal Reserve policy tightening and a drop in the price of Bitcoin. Recent rate hikes have pressured stocks across sectors and driven a selloff in tech-related names. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.

See Also: Why AMD, Nvidia And Taiwan Semiconductor Manufacturing Shares Are Rising Today

Sphere 3D focuses on operating as a carbon neutral bitcoin mining company.

According to data from Benzinga Pro, Sphere 3D has a 52-week high of $11.98 and a 52-week low of $0.52.

Posted In: Penny StocksMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!