Sphere 3D Shares Shoot Higher As It Agrees To Acquire Cryptocurrency Mining Rights

Sphere 3D Corp ANY inked an agreement with turnkey mining solutions provider Hertford Advisors Ltd to provide a six-month exclusive right to assume all of Hertford's rights to several bitcoin mining agreements.
Sphere 3D has executed the first Bitcoin Agreement directly with the manufacturer to purchase up to 60,000 new bitcoin mining machines.
The deliveries are likely to commence in November and continue over the next ten months. The arrangement will give Sphere 3D 5.7 Exahash of computing power upon completion of delivery.
Sphere 3D will issue common shares to Hertford and a new series of preferred shares based upon certain milestones.
The milestones include two additional contracts to purchase up to another 160,000 miners for a total of 220,000. It also has the right to complete negotiations to secure a long-term contract for a 200,000 square foot crypto mining facility to supply up to 1GW of carbon-neutral power and 1GW of capacity from the grid as backup.
Sphere 3D will have 21.5 Exahash computing power upon the accomplishment of the two contracts.
Sphere D will issue 4.5 million common shares (worth $14.9 million as of Aug. 4) to Hertford upon the assignment of the contracts and additional consideration based on milestones.
Price action: ANY shares traded higher by 41% at $4.84 in the premarket session on the last check Friday.