Company: ANY
Filing Date: 2025-01-03
Form Type: 424B5
Source: 0001062993-25-000228
Chunk: 39

Company: Sphere 3D Corp.
Filing Date: 2025-01-03
Form: 424B5
Chunk 39
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 and cause the value of our securities to decline.

Risks Related to Our Business

Our total revenue is substantially dependent on the prices of Bitcoin and volume of Bitcoin transactions. If such price or volume declines, our business, operating results, and financial condition would be adversely affected.

We generate the majority of our total revenue from digital mining. As such, any declines in the volume of Bitcoin transactions, the price of Bitcoin, or market liquidity for Bitcoin generally may result in lower total revenue. The price of Bitcoin and associated demand for buying, selling, and trading Bitcoin have historically been subject to significant volatility. The price and trading volume of Bitcoin is subject to significant uncertainty and volatility, depending on a number of factors, including:

market conditions of, and overall sentiment towards, Bitcoin;

changes in liquidity, market-making volume, and trading activities;

trading activities on other cryptocurrency trading platforms worldwide, many of which may be unregulated, and may include manipulative activities;

investment and trading activities of highly active retail and institutional users, speculators, miners, and investors;

the speed and rate at which Bitcoin is able to gain adoption as a medium of exchange, utility, store of value, consumptive asset, security instrument, or other financial assets worldwide, if at all;

decreased investor confidence in Bitcoin and cryptocurrency trading platforms;

negative media publicity and events relating to the cryptocurrency economy;

unpredictable social media coverage or "trending" of, or other rumors and market speculation regarding Bitcoin;

the ability for cryptocurrencies to meet user and investor demands;

the functionality and utility of Bitcoin and its associated ecosystems and networks;

increased competition from other payment services or other cryptocurrencies that exhibit better speed, security, scalability, or other characteristics;

regulatory or legislative changes and updates affecting the digital economy;

the maintenance, troubleshooting, and development of the blockchain networks underlying Bitcoin, including by miners, validators, and developers worldwide;

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the ability for cryptocurrency networks to attract and retain miners or validators to secure and confirm transactions accurately and efficiently;

ongoing technological viability and security of Bitcoin and their its smart contracts, applications and networks, including vulnerabilities against hacks and scalability;

fees and speed associated with processing Bitcoin transactions, including on the underlying blockchain networks and on cryptocurrency trading platforms;

financial strength of market participants;

the availability and cost of funding and capital;

the liquidity of cryptocurrency trading platforms;

interruptions in service from or failures of major cryptocurrency trading platforms;

availability of an active derivatives market for Bitcoin;

availability of banking and payment services to support