You’ve probably seen the ticker ANY popping up on your screener lately, usually flashing red or hovering dangerously close to its 52-week low. Sphere 3D Corp stock has been a wild ride for anyone holding a bag since the 2021 crypto mania. Back then, it was the "merger that would change everything" with Gryphon Digital Mining.
Fast forward to January 2026, and the landscape is unrecognizable.
The drama isn't just about the price action. It’s about a company trying to reinvent its entire identity while fighting for its life on the Nasdaq. If you're looking for a boring corporate summary, this isn't it. We're talking about a micro-cap that just got shareholder approval to literally change its name and reshuffle its warrants just to keep the lights on.
The January 2026 Shift: More Than Just a Name Change
On January 15, 2026, Sphere 3D held a special meeting that most retail investors probably missed. It wasn't just a routine check-in. Shareholders approved a name change. Why? Usually, when a company like Sphere 3D Corp stock wants to ditch its branding, it’s trying to distance itself from a checkered past. In this case, years of litigation and pivot after pivot.
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They also pushed through a warrant inducement transaction. Basically, they're incentivizing big players to exercise their warrants early at a reduced price (around $0.94) to get some much-needed cash—about $4.0 million—into the coffers.
Honestly, they need the money.
The company is currently valued at roughly $10.5 million. That is tiny. When you are trading at $0.31, every penny movement is a massive percentage swing. Most people get wrong the idea that this is still a data storage company. It’s not. It hasn’t been for years. It is a pure-play Bitcoin miner now, but one that is struggling with "infrastructure-heavy" costs.
What Actually Happened with Gryphon?
The ghost of the Gryphon Digital Mining merger haunted this stock for years. It was supposed to be a massive consolidation. Instead, it turned into a legal nightmare.
You might remember the headlines from 2023 and 2024 about lawsuits over "spoofing" and breach of contract. Well, the air finally cleared in late 2025. In November 2025, Gryphon and Sphere 3D entered a settlement and release agreement. No payments were made. They just agreed to stop fighting and walk away.
This was huge for the stock's "headwinds," but it didn't exactly send the price to the moon. Why? Because while the lawyers stopped billing, the Bitcoin halving from 2024 was still eating their lunch.
The Numbers: Bitcoin Mining in a Post-Halving World
Mining Bitcoin isn't cheap. Sphere 3D has been trying to move to a self-hosting model to save money. They have an 8MW site in Iowa where they’re paying about $0.04 per kWh. In the mining world, that’s actually a decent rate.
- Current Hashrate: Hovering around 0.7 EH/s to 1.0 EH/s depending on which miners are plugged in.
- Revenue Miss: In Q3 2025, they brought in $2.62 million, which actually missed analyst estimates by about $380,000.
- The Loss: They reported a GAAP EPS loss of $0.15.
Wait. Let’s look closer at that.
One analyst out there is still screaming "Strong Buy." Why? They’re betting on the "fleet refresh." Sphere 3D has been swapping out old, thirsty machines for Antminer S21s. If they can get the whole fleet upgraded and keep their power costs at that 4-cent mark, they might actually generate cash. But that's a big "if" when you're trading under a dollar and Nasdaq is breathing down your neck about delisting.
Nasdaq Compliance: The Elephant in the Room
Yes, Sphere 3D Corp stock is currently non-compliant with Nasdaq requirements. You can’t stay under $1.00 forever.
They’ve used reverse splits in the past to fix this. It’s a move that usually makes retail investors cringe because it often precedes more selling. As of mid-January 2026, the stock is sitting around $0.31. To get back to $1.00 organically, they don't just need Bitcoin to go up; they need to prove they can mine it more efficiently than the giants like Marathon or Riot.
Is ANY a Bargain or a Trap?
If you're looking at Sphere 3D Corp stock as a "lottery ticket," you aren't alone. It’s a micro-cap with high volatility.
The bull case is simple: Bitcoin goes on a massive run, and ANY, with its tiny market cap, moves 50% in a day because of the leverage. The bear case is even simpler: They run out of cash, the warrant deals dilute existing shareholders into oblivion, and the name change is just window dressing on a sinking ship.
Kurt Kalbfleisch, the permanent CEO as of late 2025, has a massive job. He’s been focused on "operational discipline." That’s CEO-speak for "we are cutting every expense we can so we don't go bust."
Actionable Insights for the ANY Trader
If you are actually planning to touch this stock, stop looking at the 5-year chart. It’s depressing and irrelevant. Focus on these three things instead:
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- The March 27 Earnings Call: This is the next big catalyst. If they show any improvement in mining margins or a higher-than-expected hashrate from the Iowa site, expect a squeeze.
- The "New Name" Launch: Watch for the rebranding. Sometimes a fresh ticker and a clean slate can attract new institutional eyes that were "blacklisted" from the old Sphere 3D.
- Dilution Watch: Keep an eye on the SEC filings for Form 424B3. If those new warrants from the October deal start getting dumped into the market, the $0.30 floor could turn into a ceiling very quickly.
Sphere 3D is a classic "show me" story. They’ve promised a lot over the last four years and delivered mostly litigation and dilution. But at a $10 million valuation, the market has basically priced them for death. If they show even a flicker of life in their 2026 operations, the recovery could be sharp. Just don't bet the mortgage on it.