Sphere 3D Corp (NASDAQ: ANY) is a Bitcoin mining company that generates revenue by providing hash calculation services to mining pool operators. The company earns Bitcoin through pool-based mining contracts, which renew daily at midnight UTC, and converts Bitcoin to U.S. dollars as needed to fund operations. Sphere 3D operates a fleet of ASIC miners deployed at third-party hosted facilities under hosting agreements, including a November 2025 agreement with North Campbell HostCo LLC and a managed-services arrangement with Simple Mining LLC for its Iowa site entered March 2025. In FY2025, the company mined 111.6 Bitcoin, a 61.0% decrease from 286.3 Bitcoin mined in FY2024, with the decline attributed to the April 2024 halving event, transition to lower-cost hosting sites, and fleet replacement. As of December 31, 2025, Sphere 3D held approximately 37.3 Bitcoin with a fair value of approximately $3.3 million. The miner fleet carried an average efficiency of 22.0 joules per terahash as of December 31, 2025, improved from 27.1 J/th in 2024. The company is incorporated in Canada and listed on Nasdaq.

Revenue model

Sphere 3D earns Bitcoin by contributing hashrate to a mining pool, with daily payouts calculated from midnight to 23:59:59 UTC and distributed at 1:00 AM UTC. Revenue is recognized as Bitcoin mining revenue on a transactional, daily-settlement basis. The company holds a hybrid treasury strategy, retaining Bitcoin when possible and selling to meet working capital requirements.

Products and services

Bitcoin mining using ASIC miners with application-specific integrated circuit chips. The company deploys miners at hosted third-party facilities that provide rack space, network services, electrical connections, and technical support. As of December 31, 2025, the fleet averaged 22.0 J/th efficiency. The company mines only Bitcoin and holds no other cryptocurrency.

Customers and end markets

The direct counterparty is the mining pool operator, which aggregates hashrate and distributes Bitcoin rewards proportionally. End market demand is driven by Bitcoin network economics, including block rewards and the halving schedule. The company does not disclose named mining pool operators in the excerpts provided.

Value-chain role

Sphere 3D is a Bitcoin mining operator sitting at the production layer of the Bitcoin value chain. It owns and operates ASIC mining hardware, outsources facility hosting to third parties, and contributes hashrate to a pooled mining arrangement. It does not manufacture hardware or operate its own data center facilities.

Geographic exposure

The company references an Iowa site managed by Simple Mining LLC as of March 2025. It mines Bitcoin in U.S. states without material state-specific regulatory restrictions on Bitcoin mining, per the FY2025 10-K. The company is incorporated in Canada and subject to both Canadian securities law and U.S. SEC and Nasdaq requirements.

Source: SEC 10-K, filed 2026-03-27

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