Here is why Sphere 3D Corp (ANY) stock surged on Wednesday?

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TaaS Companies
TaaS Companies

Sphere 3D Corp. (ANY) shares jumped 2.09% in after-hours on Wednesday, October 13, 2021, and closed the daily trading at $8.30. Even in the regular trading session, ANY’s stock gained 15.65%. ANY shares have risen 304.48% over the last 12 months, and they have moved up 17.83% in the past week. Over the past three months, the stock has gained 225.20%, while over the past six months, it has soared 255.02%.

Let’s have a brief discussion about its recent developments.


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ANY Largest Hosting Services Deal

On October 13, 2021, Sphere 3D Corp. (ANY) entered into an agreement with Gryphon Digital Mining for approximately 230 MW of carbon-neutral bitcoin mining hosting capacity to be managed by Core Scientific as a hosting partner. This is the single largest order in Core’s history and represents yet another step forward for Sphere 3D and Gryphon in becoming the world’s largest carbon-neutral bitcoin miner.

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ANY 60,000 BTC Antminers order

On September 21, 2021, Sphere 3D Corp (ANY) made an $85 million payment towards its previously announced purchase order for 60,000 bitcoin mining rigs.

The company has purchased 60,000 Antminer S19j Pros, which will commence delivery in November of 2021. Sphere 3D will now be taking delivery of an additional capacity of 6.0 exahash once these deliveries are completed.

Gryphon first batch of Antminers

On September 16, 2021, Sphere 3D Corp. (ANY) announced that Gryphon Digital Mining, which entered into an Agreement and Plan of Merger with the Company, received the first batch of its 7,200 S19j Pro Antminers and they are installed and now mining bitcoin. This is transformational for Gryphon as it transitions from an aspirational bitcoin miner to a producer of Bitcoin.

Gryphon will get a total of 7,200 miners and it will provide Gryphon with approximately 720 PH/s of hashing power, placing it among the top 15 global miners.

ANY launched First Batch of Pro Antminers

On September 15, 2021, Gryphon Digital Mining installed the first batch of its 7,200 S19J Pro Antminers and are now mining bitcoin. This is an important milestone for the company to transitions from an aspirational bitcoin miner to a producer and to become the industry-leading bitcoin miner with a zero-carbon footprint.

ANY registered direct offering

On September 8, 2021, Sphere 3D Corp (ANY) closed its previously announced US$192,100,000 Registered Direct Offering Priced At-the-Market.

The combined purchase price for one common share and one-half warrant to purchase one common share is $8.50. Sphere 3D sold a total of 22,600,000 common shares and warrants to purchase 11,300,000 common shares.

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Conclusion

The recent largest hosting service deal was the reason behind its exceptional surge on Wednesday. we can expect it to continue its momentum in the coming trading sessions as well.

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