Sphere 3D Acquires Exclusive Rights to Hertford Advisors’ Crypto Mining Assets
23 h ago•2 min read•Mining
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.