Why Bitcoin-Related Stock Sphere 3D Is Getting Hammered Tuesday

Sphere 3D Corp. ANY shares are trading lower by 19.3% at $4.36 amid profit-taking after the stock surged in recent sessions following last week's news the company will acquire exclusive rights for the assignment of cryptocurrency mining assets.

The agreement includes the rights to secure up to 220,000 miners on pre-negotiated terms and a lease for a 200,000 square foot carbon-neutral facility for Bitcoin BTC/USD Mining.

"This is a significant milestone for Sphere 3D as we look to the future," said Peter Tassiopoulos, Sphere 3D's CEO.

"We are pleased to have the opportunity to place Sphere 3D as a leader in the space with state of the art miners, in a very competitive market where time to delivery is paramount. We continue to look for ways to increase shareholder value while remaining true to our commitment to ESG principles. We believe that this series of transactions could have significant revenue and cost synergies across our value chain," Tassiopoulos stated.

Sphere 3D has a 52-week high of $6.58 and a 52-week low of $1.23.