Sphere 3D Acquires Exclusive Rights to Hertford Advisors’ Crypto Mining Assets

Sphere 3D Acquires Exclusive Rights to Hertford Advisors’ Crypto Mining Assets

Sphere 3D, the Nasdaq-listed data-management company that’s being bought by Gryphon Digital Mining, acquired exclusive rights to the bitcoin mining assets of Hertford Advisors.

  • Hertford is a privately-held company that provides turnkey mining solutions.
  • The deal gives Sphere 3D a six-month exclusive right to some of Hertford’s bitcoin mining agreements.
  • Toronto-based Sphere 3D Corp said it has completed its first agreement and bought 60,000 new bitcoin mining machines. Delivery will start in November and take 10 months.
  • Other milestones in the contract include the purchase of an additional 160,000 miners and securing a long-term contract for a 200,000 square foot crypto mining facility.
  • While the company didn’t give a value for the transaction, it said it will issue 4.5 million shares to Hertford once those two aims are achieved. At Thursday’s closing price, that’s $15.5 million. It will also issue shares in a new series of preferred stock, and further “consideration” will be issued as the relationship progresses.
  • In June, Sphere 3D agreed to be acquired by Gryphon Digital Mining in a reverse takeover. That deal is due to be completed in the fourth quarter, the company said.
  • Sphere 3D shares rose as much as 78% to $6.13 Friday, and at press time were trading up 30% at $4.50.
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