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

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.

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