Sphere 3D Corp (ANY) has disclosed a new risk, in the Accounting & Financial Operations category.
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Sphere 3D Corp faces significant risks tied to the volatility of the cryptocurrency market, particularly Bitcoin’s fluctuating value. The company’s financial health suffered a setback in the latter half of 2022 when Bitcoin’s price plummeted, causing a material devaluation of Sphere 3D’s mining equipment and advance payments for future purchases. As Bitcoin’s value remains unpredictable, further downturns could necessitate recording additional impairments, and if prices fall below 2022 levels for an extended period, the company might be forced to idle miners to mitigate losses, a decision complicated by the varying costs across their multiple mining and hosting locations.
Overall, Wall Street has a Moderate Buy consensus rating on ANY stock based on 1 Buy.
To learn more about Sphere 3D Corp’s risk factors, click here.
