Sphere 3D Cuts G&A 50%, Boosts Efficiency to <19 J/th and Executes 1-for-10 Reverse Split
Sphere 3D increased its average fleet efficiency from 27.1 J/th at end-2024 to below 19.0 J/th after replacing older miners with about 2,300 S21+, S21 XP and S21 Pro units and fully energizing its 8 MW Iowa facility. In 2025 the company mined 111.6 Bitcoin, held 37.3 self-mined BTC as of December 31 and cut Q4 general and administrative expenses by 50% year-over-year.
1. Operational Efficiency Upgrades
During 2025 Sphere 3D energized its new 8 MW Iowa mining facility in March, replacing approximately 2,300 older units with newer-generation S21+, S21 XP and S21 Pro miners. These actions improved average fleet efficiency from 27.1 J/th at year-end 2024 to below 19.0 J/th, enhancing hash rate output and lowering energy costs.
2. Production and Bitcoin Holdings
Sphere 3D mined 111.6 Bitcoin in 2025 and maintained a self-mined balance of 37.3 BTC as of December 31. The company also realized $9.4 million in gains from selling its remaining CORZ shares above settlement value, bolstering its balance sheet.
3. Cost Discipline and Capital Raises
The company reduced fourth-quarter general and administrative expenses by 50% compared to Q4 2024 through cost-control measures and operational simplification. Sphere 3D raised $4.1 million in gross proceeds via a warrant inducement, redirecting capital into efficient mining equipment.
4. Reverse Stock Split Details
Sphere 3D will effect a 1-for-10 reverse stock split effective February 10, 2026, reducing its outstanding shares from 33.9 million to approximately 3.39 million. Shareholders will see their holdings automatically consolidated with fractional shares rounded up, and trading will continue under the same symbol and a new CUSIP.