Aug. 6, 2021, 9:15 a.m. EDT

Sphere 3D stock rockets after deal for rights to bitcoin mining agreements

Shares of Sphere 3D Corp. (NAS:ANY) soared 54.4% on heavy volume to pace all premarket gainers Friday, after the stand-alone storage and technologies company announced an agreement that provides a six-month exclusive right to assume all of Hertford Advisors Ltd.'s rights to bitcoin mining agreements. Trading volume spiked to 14.3 million shares ahead of the open, already more than double the full-day average of about 5.6 million shares. As part of the deal, Sphere 3D can purchase up to 60,000 new bitcoin mining machines, with deliveries to begin in November 2021 and continue over the course of 10 months. "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 Sphere 3D Chief Executive Peter Tassiopoulos. The stock's surge comes on a day that bitcoin (COINDESK:BTCUSD) inched up 0.1% and the futures (CME:ES00) for the S&P 500 (S&P:SPX) were little changed.

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