Sphere 3D (ANY), the data management company has recently announced that they are merging with bitcoin miner “Gryphon Digital Mining” in a Spac transaction. The company also agreed to buy 60,000 of NuMiner Technologies’ high-end NM440 machines for $1.7 billion.
According to a report, Sphere 3D will fund the deal with approximately $400 million in capital stock; $29 million in cash, the option to use up to $1.1 billion of vendor purchase financing, and up to $185 million in additional milestone payments. After this news, Sphere 3D shares went up by 25% in after-hours trading on Thursday on the news of the deal.
The $1.7 billion order for 60,000 miners will put the NM440 models at about $28,000 each. According to NuMiner’s statement, the miners are being manufactured in collaboration with top technology vendors such as Taiwan Semiconductor Manufacturing Company, Foxconn, and Xilinx. The first deliveries will take place in the second quarter of 2022.
, the data management company has recently announced that they are merging with bitcoin miner “Gryphon Digital Mining”){kind=link}