Sphere 3D Seeks $10 Million Through Stock Sale
Prefer us on GoogleSphere 3D, a Bitcoin mining company, has launched a stock sale program at market price to raise up to $10.3 million by issuing up to 4,382,978 new shares at a reference price of $2.35 per share. If fully executed, the number of shares outstanding will increase from 8,619,150 to 13,002,128, representing a 50.9% increase and a 33.7% reduction in the proportional ownership of existing shareholders. The issuance responds to an urgent need for liquidity and working capital, with the funds allocated for working capital and general corporate purposes. Sphere 3D and Cathedra Bitcoin, which merged on June 1, 2026, have received warnings about operational continuity risks. Sphere 3D's situation arises amidst challenges in the Bitcoin mining sector, with Poolin and its subsidiaries in bankruptcy and Core Scientific canceling contracts to redirect resources towards artificial intelligence. Sphere 3D also plans to diversify its revenue through hosting services and shared mining with Bitdeer Technologies Group, and is considering allocating part of its infrastructure to artificial intelligence. Shareholders will vote on August 24, 2026, on a name change to DarkHorse Technologies Inc.
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