Gryphon Digital Mining ends merger plans with Sphere 3D along with their IPO plans. The company planned to go public via a reverse merger with the data management firm Sphere 3D. They announced the merger plans back in June 2021, but the changing market conditions since then, along with the passage of time, have changed their decision. Even the companies’ financial positions are a reason why the merger was canceled.
The merger plan
Gryphon Digital Mining and Sphere 3d announced their merger plans on 3rd June. However, due to the complicated regulatory process, the merger was pushed back to the 4th quarter of 2021 and then later to Q1 2022. If it went through, Gryphon Digital Mining’s CEO, Rob Chang, would have become the CEO of the merged company. At the same time, the company would have also taken the name of Gryphon.
Gryphon Digital mining ends merger with Sphere 3D
Even though they won’t be merging anymore to go public, the companies will continue their partnership via the Master Service Agreement that they have. Gryphon will be managing the mining fleet of Sphere 3d to generate operating income, and the latter benefiting from Gryphon’s expertise in the industry. Sphere 3D now has over 1000 miners up and running, said the company.
About Gryphon Digital Mining
Gryphon Digital Mining, Inc. is a Bitcoin mining company that emits no greenhouse gases. Its long-term goal is to be the foremost crypto miner with a carbon-free energy supply of 100 percent. Gryphon delivers dependable, low-cost hydroelectric mining, with ambitions to extend to additional renewables such as nuclear, wind, and solar power in the future to reduce mining’s environmental effect.
About Sphere 3d
Virtualization technology and data management solutions are specializations of Sphere 3D Corp and allow for workload-optimized solutions. They accomplish this via virtual apps, desktops, storage, and physical hyper-converged platforms. The value proposition of Sphere 3D is clear and straightforward. It enables enterprises to implement a mix of public, private, and hybrid cloud methods while also providing state-of-the-art storage solutions at a reasonable price.
What are your thoughts as Gryphon Digital mining ends its merger with Sphere 3D? And do you think going public would have helped them? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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