Sphere 3D divests Iowa mining site and full 5,500-machine fleet in same-day agreements
An 8-K filed September 8, 2026 puts Sphere 3D Corp. ($ANY) in focus: on September 1, the Stamford, Connecticut-based company signed two agreements to exit its Iowa mining site and sell its entire owned fleet of approximately 5,500 proprietary mining machines. The Iowa site goes to Simple Mining, LLC for $1.5 million; the machines go to RepairBit, LLC for aggregate proceeds of approximately $3.1 million. The next events to watch are the machine deliveries and payments unfolding over a 90-day window that opened September 1.
Key takeaways
- On September 8, 2026, Sphere 3D Corp. ($ANY) filed an 8-K disclosing two September 1 agreements to exit its Iowa mining site and sell its entire owned fleet of roughly 5,500 proprietary mining machines.
- The Iowa site was sold to Simple Mining, LLC for $1.5 million, while the machines were sold to RepairBit, LLC for aggregate proceeds of approximately $3.1 million.
- Of the $1.5 million Iowa price, $300,000 was paid at signing and the remaining $1.2 million is an interest-free promissory note payable in equal monthly installments from December 1, 2026 through November 1, 2027.
- Sphere 3D retains title to each machine until payment is received, so the roughly $3.1 million will arrive in tranches as deliveries complete across a 90-day window that opened September 1, 2026.
- The full Iowa Agreement and Mining Machine Agreement will be filed as exhibits to Sphere 3D's next Form 10-Q, which will first make the RepairBit binding term sheet's complete terms public.
An 8-K filed September 8, 2026 puts Sphere 3D Corp. ($ANY) in focus: on September 1, the Stamford, Connecticut-based company signed two agreements to exit its Iowa mining site and sell its entire owned fleet of approximately 5,500 proprietary mining machines. The Iowa site goes to Simple Mining, LLC for $1.5 million; the machines go to RepairBit, LLC for aggregate proceeds of approximately $3.1 million. The next events to watch are the machine deliveries and payments unfolding over a 90-day window that opened September 1.
Iowa site and equipment
The Iowa Agreement assigns to Simple Mining all rights to the mining containers, transformers, and related equipment at the site. Simple Mining had previously occupied the Iowa location as a sublessee of Sphere 3D; the Iowa Agreement terminates that sublease and converts the relationship into an outright sale. Of the $1.5 million purchase price, $300,000 changed hands at signing. The remaining $1.2 million is documented as an interest-free promissory note, payable in equal monthly installments from December 1, 2026 through November 1, 2027.
The transaction also releases two pools of capital previously committed at the Iowa site. Sphere 3D is entitled to recover approximately $300,000 in utility prepayments and approximately $225,000 in security deposits posted against the location, both of which sit outside the $1.5 million purchase price.
Machine inventory and delivery timeline
The 5,500-machine sale is governed by a binding term sheet with RepairBit, LLC rather than a fully executed definitive agreement. The filing describes these machines as the company's entire existing legacy fleet of owned mining machines. Sphere 3D retains title to each unit until the corresponding payment is received, so the approximately $3.1 million in aggregate proceeds will arrive in tranches as deliveries are completed across the 90-day window. Both transactions carry September 1 as their execution date.
Full copies of both the Iowa Agreement and the Mining Machine Agreement will be filed as exhibits to Sphere 3D's next Quarterly Report on Form 10-Q. That 10-Q is the next scheduled disclosure, and it is where the complete contractual terms of the RepairBit binding term sheet will first be available for public review.
Related reading
Filed by the newsroom of MarketPR on September 8, 2026. Source: sec.gov. Indicative figures are not investment advice.