Bitcoin miner Sphere 3D has established an at-the-market stock-sale program that could generate up to $10.3 million for working capital. Full use of this facility at the assumed $2.35 per share price would add 4,382,978 shares, expanding the basic share count by 50.9% from 8,619,150 to 13,002,128 shares. The prior program had already sold 2,172,789 shares for $5.13 million in gross proceeds. Both Sphere 3D’s and merged entity Cathedra’s audits contained going-concern paragraphs, with Cathedra reporting a C$4.35 million working-capital deficiency as of March 31. In response to these documented liquidity pressures, the company stated it may continue selling mined Bitcoin to fund operations.
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