Company: ANY
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001591956-25-000009
Chunk: 15

Company: Sphere 3D Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 consolidated statements of operations related to the fair value change of the investment in equity securities.The fair value of the warrant liabilities was measured using a Black Scholes valuation model with the following assumptions:June 30,2025December 31,2024Common share price$0.60 $0.94 Expected volatility65.0 %125.0 %Risk-free interest rate4.1 %4.2 %The following table presents the activities of warrant liabilities that are measured at fair value (in thousands): Warrant liability as of January 1, 2025$31 Change in fair value(28)Warrant liability as of March 31, 20253 Change in fair value(1)Warrant liability as of June 30, 2025$2 Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis 

The Company's non-financial assets such as property and equipment and intangible assets are recorded at fair value when an impairment is recognized or at the time acquired in an asset acquisition or business combination measured using significant unobservable inputs (Level 3). 

4.Bitcoin

The following table presents the activities of Bitcoin (in thousands):Balance at January 1, 2025$1,394 Revenue recognized from Bitcoin mined5,835 Proceeds from sale of Bitcoin(5,301)Change in fair value of Bitcoin272 Balance at June 30, 2025$2,200 The following table presents Bitcoin holdings (in thousands except for number of Bitcoin):June 30,2025December 31,2024Number of Bitcoin held20.514.9Carrying basis of Bitcoin$2,129 $1,450 For the three months ended June 30, 2025 and 2024, the Company had a realized gain of $0.3 million and a realized loss of $0.1 million, respectively, on the sale of Bitcoin. For the six months ended June 30, 2025 and 2024, the Company had a realized gain of $0.2 million and $0.6 million, respectively, on the sale of Bitcoin. 

12

All additions of Bitcoin were generated by the Company’s Bitcoin mining operations. All dispositions of Bitcoin were the result of sales on the open market and used to fund the Company’s operations. The Company's Bitcoin holdings are not subject to sale restrictions and do not serve as collateral for any agreements. As of June