NEW YORK, June 1, 2026, 10:51 (EDT)
Sphere 3D Corp. shares surged roughly 57% in busy Nasdaq trading Monday after the bitcoin miner said it closed its merger with Cathedra Bitcoin. The companies said the deal will make for a bigger power-backed digital infrastructure business. The stock last traded at $2.99, down from a high of $4.32 earlier, with more than 55 million shares changing hands.
Sphere wants investors to start seeing it as more than a minor bitcoin miner and more like a data infrastructure company with a focus on power access. The newly merged business says it now has 53 megawatts of capacity online and a development pipeline topping 100 megawatts. The company also reports 1.2 EH/s of installed mining hash rate, which measures its bitcoin mining power.
Joel Block, now CEO of the merged group, said the deal close is a “significant milestone.” According to the company, Sphere will hold onto its name and its Nasdaq ticker, ANY. Cathedra moves under Sphere as a wholly owned subsidiary. TMX Newsfile
Cathedra’s subordinate voting shares are set to be pulled from the TSX Venture Exchange and OTCQB when trading ends on June 2. Cathedra shareholders took Sphere common shares at fixed exchange rates. Certain holders who would have gone above 7% ownership after the deal received non-voting preferred shares for the overage.
The rally outpaced gains at bigger bitcoin-mining names. Marathon Digital rose around 1.4%, CleanSpark added 0.6%, and Riot Platforms was up 0.3%. Bitcoin fell roughly 2.9% to $71,435. Monday’s move looks tied more to deals than to a sector rebound.
Sphere’s Q1 numbers underline why investors remain focused on execution. The company logged $1.9 million in bitcoin mining revenue, down from $2.8 million for the same quarter last year, and booked a $4.1 million net loss. Bitcoin production fell to 25.3 from 30.5 a year ago. Sphere said a fleet refresh slowed active mining capacity temporarily.
Sphere warned of big risks in its latest quarterly filing. The company pointed to ongoing losses, negative cash flow, and a mining rate that cast “substantial doubt” on staying a going concern for another year without more funding. Sphere also listed risks from falling crypto prices, rising operating costs, and possible loss of its Nasdaq listing. Sphere3D
Sphere’s management is pitching scale, power access and options in high-performance computing—basically, data centers that run big workloads like AI model training. The issue now is if Sphere can lock in long-term hosting contracts and pay for upgrades without leaning harder on current shareholders.
Traders are calling the closing a clear catalyst for now. The tougher part is ahead, with Cathedra’s sites to integrate, mining economics to hold steady, and proof needed that the AI-infrastructure angle is real, not just talk.
