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Business Description
Sphere 3D Corp. (NASDAQ: ANY), headquartered in Stamford, Connecticut and incorporated in Ontario in 2007, operates as a Bitcoin miner after completing the divestiture of its legacy containerization, virtualization, and data-management IT division in December 2023.
The company launched Bitcoin mining in January 2022, initially through third-party hosting arrangements. In August 2024 it signed a letter of intent for a 12.5 MW site in Iowa in partnership with Simple Mining LLC, targeting sub-$0.04/kWh power; the first 8 MW phase was energized on March 10, 2025, under a three-year managed-services agreement with Simple Mining LLC, marking Sphere 3D's transition to vertically integrated operations. According to BitcoinMiningStock.io data as of March 5, 2026, Sphere 3D operates at 1.00 EH/s.
During 2025, Sphere 3D replaced approximately 2,300 older-generation machines with Bitmain Antminer S21+, S21 XP, and S21 Pro miners, improving average fleet efficiency from 27.1 J/th to below 19.0 J/th. Full-year 2025 production reached 111.6 BTC, down 61.0% from 286.3 BTC in 2024, primarily due to the April 2024 halving and the mid-year hosting transition; monthly figures per BitcoinMiningStock.io data include 9.30 BTC in December 2025, 7.67 BTC in September 2025, and 10.30 BTC in June 2025. The treasury balance stood at 37.30 BTC as of December 31, 2025.
Sphere 3D reported $11.2 million in revenue for fiscal year 2025, compared with $16.6 million in 2024, while operating costs declined $4.8 million year-over-year to $33.2 million. General and administrative expenses were cut approximately 33% to $8.3 million. The company executed a 1-for-10 reverse stock split in February 2026.
CFO Kurt Kalbfleisch, who has held that position since December 2014, was named acting CEO on January 31, 2025, following CEO Patricia Trompeter's medical leave, and was formally appointed permanent CEO on November 5, 2025, following Trompeter's death in March 2025.
On March 5, 2026, Sphere 3D announced a definitive all-stock agreement to acquire Cathedra Bitcoin Inc., which operates four data centers totaling 45 MW in Tennessee and Kentucky. Cathedra security holders would receive approximately 49% of the combined company's share capital at closing. The combined entity (described in the announcement as targeting high-density computing and digital-asset infrastructure, encompassing high-performance compute, Bitcoin mining, and energy optimization) is expected to operate five data centers in Iowa, Tennessee, and Kentucky with approximately 53 MW of managed power capacity and 1.2 EH/s of installed hash rate. Cathedra CEO Joel Block is expected to take the CEO role at the combined company, with Kalbfleisch continuing as CFO and joining the board; closing requires British Columbia court approval, shareholder votes, and regulatory consent.
