Dedicated to helping customers achieve their IT goals, Sphere 3D Corp. (NASDAQ: ANY) is known for its diverse portfolio of global brands. For a while now, the company has been working to expand its portfolio and venture into different markets. Capitalizing on the increasing number of cryptocurrency miners, the company is venturing into the space with an anticipated reverse merger with the greenest crypto miner – Gryphon Digital Mining. With huge capital and an entry into the lucrative crypto market, investors are bullish ANY stock could return to its $5 high upon merger finalization.
ANY Stock News
In 2021, ANY initiated an aggressive entrance into the Bitcoin market through an agreement with Gryphon Digital Mining – an emerging green crypto mining company. As a carbon neutral company, Gryphon has been focusing its operations on mining bitcoin using 100% renewable energy.
Currently, Gryphon uses low-cost hydro-electric powered mining and is working on expanding to other renewable energy sources – including wind, nuclear, and solar power – to ensure it minimizes its carbon footprint. These efforts are already giving the company a competitive edge over other crypto mining companies – which have long been criticized for their negative environmental impact.
As of Q2 2021, ANY – which was then valued at around $184 million – announced its upcoming reverse merger with Gryphon and assured investors that this merger will benefit the company’s long-term growth plans. Following the news, ANY stock saw a massive increase in volume and continued to trade at an average of $6-$7.5 for three consecutive months – reaching its highest point at $9.3.
This growth was fueled by Bitcoin’s massive run-up during the time as well as the company’s efforts to ensure a successful merger. In fact, following the agreement, both companies secured the single largest order in digital mining history through a purchase order of 60,000 miners. Moving forward, ANY has plans to install the miners at Core Scientific’s blockchain data centers throughout the next couple of quarters.
As the industry leading hosting partner, Core Scientific sets itself apart from the competition with its “state of the art, 100% carbon-neutral infrastructure” – which are the main reasons why many investors are bullish on this hosting partnership. CEO Peter Tassiopoulos is positive the operational capacity of this project could reach “6.7 exahash of hashing power – which would put ANY’s operations among the top publicly traded bitcoin mining operations in the world.”
While investors expected this agreement to come into full effect by Q4 2021, the voting proxy to cease Sphere GDM Corp and position Gryphon Digital Mining as a wholly-owned subsidiary, has only recently gone out to shareholders. With this in mind, many are anticipating merger news could be released before the end of Q1 – driving the PPS higher.
With this merger, ANY could be well-positioned to stand out through its environmentally sustainable operations – given that crypto mining has come under criticism for high energy consumption. However, when it comes to BTC enthusiasts, ANY stock value is highly correlated to fluctuations in Bitcoin’s value. With BTC currently valued at $36,511, investors are bullish ANY’s value could run up as BTC rises once again.
In terms of its financials, ANY reported promising Q3 2021 earnings with $1 million in revenues as well as a total of $2.9 million in accumulated revenues for the 9 months ending September, 2021. Although the company is showing evident signs of progress, it continues to operate a net loss of $3 million – which is an increase from its net loss of $2.2 million loss in the year-ago period. However, this increase could be largely attributed to the company’s transition into a new sector. Meanwhile, given that cryptocurrency mining is an incredibly lucrative market, ANY could offset these losses in the upcoming quarters.
*Update on February 4th
The company is already delivering on its growth plans as it recently signed an agreement to acquire 60 thousand units of new NM400 bitcoin miners from NuMiner – the world’s most powerful bitcoin mining technology – at a purchase price of $1.7 billion. Given that the NM440 were only introduced to the market a few days ago, this agreement will give ANY a competitive edge – possibly positioning it as one of the largest carbon neutral bitcoin miners in the world.
As of now, the company will receive 12 pre-production NM440s as they undergo the evaluation and testing process. In June, the company plans to receive 1,000 miners followed by 10,000 NM440s on a monthly basis from September 2022 to February 2023. Iain Kennedy – NuMiner Global’s CEO – believes this agreement “provides an enterprise scale deployment path for our next generation of bitcoin miners.”
With this in mind, ANY’s mining assets are expected to include 120 thousand miners comprising of 60 thousand NM440s – which represent 26.4 EH/s and 60,000 ANTMINER S19j Pros. The 120 thousand miners includes those of the company’s proposed merger candidate – Gryphon Digital Mining, Inc. – which currently has 3,000 machines in operation and intends to have an additional 500 operational ones by EOM.
Pursuant to the terms of the agreement, Anthony Melman – Chair of the NuMiner Global Board of Directors – will be appointed to ANY’s BOD. Tassiopoulos is bullish on Melman’s involvement given his extensive experience in the technology industry and solid relationships within the space. In light of the company’s efforts and strong leadership, ANY could easily expand its hash rate and reduce the cost and energy consumption of bitcoin mining – potentially positioning itself as an emerging leader in this lucrative market.
With the company’s recent updates, investors like @cdntradegrljenn and @RadioSilent are bullish on ANY’s future.
ANY Stock Price
Following its recent increase, ANY stock is currently trading at $2.65 with a newly formed resistance at 2.69. The stock shows a primary support at 2.33 and a secondary support 2.03. The RSI is at 73 – indicating the stock is extremely overbought – however, it is starting to cool off. Similarly, accumulation is on a recent downward trend and the MACD remains bullish.
These indicators highlight investors’ bullish sentiment as ANY stock gains back some of its momentum. The increase in buying activity as evident by an overbought RSI could be largely attributed to the company’s recent agreement. Given that the stock is currently trading near its resistance, investors could wait for the RSI to cool off before finding a good entry point on ANY stock. As the agreement finalizes, many are speculating ANY could see a run-up to its November high of $7.3.
ANY Stock Forecast
With a mission centered around leading the Bitcoin revolution with a zero carbon footprint and 100% renewable mining, ANY is already capitalizing on a sustainable digital future with this recent agreement. With both the merger and the agreement on the line, ANY stock already seems poised for growth. Upon finalizing the agreement, the stock could be valued as high as $7.3 – and if bitcoin goes on another run, ANY could see another major increase and reach its 52-week high of $9.4.
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