ANY Stock: What Is the Latest Crypto News for Sphere 3D?

One of the latest high-profile plays in the crypto mining world, Sphere 3D (NASDAQ:ANY) has become a hot stock of late. Indeed, ANY stock has seen impressive spikes this year, driven by investor sentiment around the crypto space. Currently, this stock is up more than 250% this year, as investors look for intriguing small cap options in the crypto mining world.

Concept art of crypto mining with little figuring and a Bitcoin (BTC) token.
Source: Shutterstock

Of course, Sphere 3D isn’t necessarily a crypto mining play in its own right. This is a company focused on “delivery containerization, virtualization and data management services.” However, the company’s recently announced merger with Gryphon Digital Mining, set to close in Q4, has transformed investors’ view of this stock entirely.

Indeed, crypto stocks have taken a beating today. Most major cryptocurrencies are down as sentiment wanes in this sector. Announced sanctions on the crypto exchange by the U.S. government today have done little to improve sentiment in the overall sector.

That said, ANY stock has continued its trek higher, currently up more than 1% at the time of writing. Indeed, this stock’s recent momentum appears to be strong, and investors certainly have reason to put it on their watchlist right now.

Let’s dive into what’s driving this optimism around Sphere 3D right now.

ANY Stock Higher on Massive Order

Today, Sphere 3D announced “one of the largest single orders in digital mining history.”

This order, for 60,000 Bitcoin (CCC:BTC-USD) antiminers, is certainly impressive. The dollar value of this transaction comes in at around $85 million, making this project one of the largest purchases at scale I’ve read about.

Indeed, Sphere 3D/Gryphon appears to be using the capital it has raised to work, fast. The companies raised approximately $200 million in recent weeks and appear intent on using this capital to finance its rapid growth. There’s no time like the present to ramp up mining,for those who believe crypto prices still have room to run. Accordingly, the race to become the largest crypto miner in the world is on, with Sphere 3D now well-positioned in this regard.

The company believes that its combined 67,200 ant miners set for delivery will make the company one of the top crypto miners by exhaust in the industry. Indeed, this development is big news for those following the crypto mining space. Investors looking for an up-and-coming crypto miner have reason to keep ANY stock on the radar right now.

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 Publishing Guidelines.

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