Today, Sphere 3D (NASDAQ:ANY) is a stock that’s once again topping the charts. With ANY stock being a trending ticker on various social media sites, it appears retail investors have sought out Sphere 3D as a momentum play right now.
Indeed, as a momentum stock, Sphere 3D has certainly not disappointed this year. Opening the year around $2 per share, ANY stock has since surged today to nearly $8 per share. Today’s rally of more than 5% at the time of writing has more than halved from its previous double-digit increase this morning.
Why all the intrigue around this stock?
Well, for one, it’s been a short-squeeze candidate for quite some time. The fact that this stock is so out of favor with short sellers has given retail investors a reason to own it. The company’s high borrow-fee rate and low price per share make options trading a preferable strategy for those looking to be aggressive with such plays.
That said, today, there’s another catalyst taking Sphere 3D higher. Let’s dive into what investors are watching with this stock today.
ANY Stock Surges on Hosting Services Deal
Today, Sphere 3D issued a Form 6-K, in which the company outlined the largest hosting services deal in its history.
Core Scientific will be a hosting partner for Gryphon Digital, a crypto-mining company Sphere 3D recently acquired. This deal allows for Gryphon to host its 60,000 Bitmain S19j Pro miners, as well as an additional 11,000 miners, for a total of up to 71,000 mining machines. Core Scientific’s 100% net carbon neutral blockchain data center aligns closely with Gryphon Digital/Sphere 3D’s goal of being the best in sustainability in the crypto-mining space.
This deal also allows Gryphon to benefit from Core Scientific’s digital mining fleet management and monitoring solution. All in all, it appears this strategic move is getting the love it deserves by the market 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.