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ANY Stock Soars 25% as Merger Partner Officially Starts Mining Bitcoin

Today, investors in Sphere 3D (NASDAQ:ANY) are seeing impressive gains. At the time of writing, shares of ANY stock have surged more than 20%. Indeed, such a move in any stock on a given day is big news.

a crypto mining rig
Source: Mark Agnor / Shutterstock.com

However, for ANY stock, this move is perhaps more unexpected. After all, this is a stock that has been pointed out as a key short squeeze play. Famed hedge-fund-manager-turned-Twitter-personality Will Meade has been bullish on this potential short squeeze play for some time.

Why?

Well, there are two key factors investors have been focusing on. Of course, high short interest levels and a high borrow-fee rate have made a short squeeze possible. That’s really table stakes for any short squeeze play these days.

Additionally, a series of executive appointments and investments from institutional players has spurred even more interest in this stock.

However, the company’s upcoming merger with Gryphon Digital Mining is what investors have their eyes on right now. This rather intriguing combination of a desktop and applications virtualization company and a crypto miner has certainly been one to watch.

Let’s dive into why ANY stock is seeing a boost today on this merger.

Gryphon Installations Boosting ANY Stock

Today, Gryphon announced the company has officially installed 7,200 S19J Pro Antminers. These mining machines are now operational and reportedly mining Bitcoin (CCC:BTC-USD).

Ahead of the company’s merger with Sphere 3D, this is big news. Indeed, investors in ANY stock may have been on the fence to some degree with respect to Gryphon’s status as a pre-revenue Bitcoin miner. However, the news that Gryphon is now officially in the game and ready to scale is certainly welcome for investors buying ANY stock on this catalyst.

Of course, it’s still early days for Gryphon and Sphere 3D. Volatility in crypto appears to be picking up again. And investors may not necessarily know whether the recent upward momentum in crypto can be maintained.

However, the fact that Gryphon is executing on its strategy has rightly been viewed as a big positive today.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/09/any-stock-soars-25-as-merger-partner-officially-starts-mining-bitcoin/.

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