Sphere 3D Receives Buy Rating Ahead of Gryphon Digital Mining Merger

Sphere 3D Receives Buy Rating Ahead of Gryphon Digital Mining Merger
PI Financial initiated research on Sphere 3D (ANY), which is merging with miner Gryphon Digital Mining, with a buy rating and 12-month price target of $10 per shares, the Canadian investment bank said on Thursday.Sphere 3D, a data management company that trades on the Nasdaq, and privately held Gryphon Digital Mining, which focuses on mining bitcoin through 100% renewable energy, announced in June that they were going public through a reverse merger. Under terms of the deal, Sphere said it will issue 111 million shares to Gryphon shareholders, who will control 77% of the combined company. Sphere holders will own…