Bitcoin Mining Stock Rises on New Deal

ANY has been targeted by short sellers recently

Assistant Editor
Oct 13, 2021 at 10:41 AM
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Sphere 3D Corp (NASDAQ:ANY) stock is up 5.7% to trade at $7.43 at last check, pulling back a bit from its pre-market surge of over 11%. Today's pop came after Sphere and Gryphon Digital Mining, which are in the midst of a pending merger, made a deal with Core Scientific. Core, as a hosting partner, will manage "approximately 230 MW of carbon neutral bitcoin mining hosting capacity," sending Sphere 3D and Gryphon further on their way to becoming the largest carbon neutral bitcoin miner.

Volatile Sphere 3D stock has been moving higher since June -- when the merger with Gryphon was announced -- with help from its 40-day moving average. Year-to-date, ANY is up an impressive 416%, having climbed its way out of penny stock territory. 

Although ANY is on the short-sale restricted list today, the equity has recently received some attention on social media as a potential short squeeze candidate. Short interest has jumped 89% during the two most recent reporting periods, and makes up 3.9% of ANY's available float. 

So far today, 21,000 calls and 2,115 puts have crossed the tape. This bullish options sentiment has been the norm, as 10.34 calls have been bought for every put in the last 10 weeks at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).

It's also worth noting that the stock's Schaeffer's Volatility Index (SVI) of 156% stands higher than just 9% of all other readings in its annual range. This implies that options players are pricing in lower volatility expectations than usual at the moment. 

 

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