Sphere 3D Corp., a company focused on containerization, virtualization and data management services, has entered into an merger agreement with Gryphon Digital Mining Inc., a privately-held company focused on the mining of bitcoin using renewable energy. Upon completion of the merger, the Company will change its name to Gryphon Digital Mining Inc. The merged company will focus on expanding Gryphon’s digital mining operations and utilize Sphere 3D’s proprietary enterprise services to optimize Gryphon’s processes.
Peter Tassiopoulos, Sphere 3D’s Chief Executive Officer, said, “Gryphon’s future focus on mining using 100% renewable energy will set the bar for mining companies of the future. We have been engineering GPU-based converged systems for many years and are excited to leverage our experience to enhance the performance of Gryphon’s operations. We believe the merger of the two companies provides an excellent opportunity to create meaningful value for our shareholders.”
“We are delighted to announce our highly synergistic partnership with Sphere 3D Corp and our expected public listing onto the Nasdaq,” said Rob Chang, chief executive officer of Gryphon. “Sphere 3D’s IT engineering team is a natural fit with our exceptional bitcoin mining expertise as we look to build upon our platform. Additionally, we look forward to leveraging Sphere’s deep datacenter expertise as we expand our operations into building large-scale, renewable, cryptocurrency mining solutions in the future. Our entry onto the Nasdaq will give us heightened visibility in a dynamic market as we collaborate on our strategic vision.”
Upon completion of the merger, Gryphon shareholders will be issued 111,000,000 common shares of Sphere 3D, subject to adjustment. The transaction has been approved by the board of directors of both companies.
Following the merger, Chang will be appointed to serve as the post-merger combined company’s chief executive officer. The board of directors for the post-merger combined company will be comprised of seven members, including two from Sphere 3D’s current board.