Bitcoin miner Sphere 3D faces $2.2M tariff claim equal to 77% of its cash

Crypto miner Sphere 3D said it could face approximately $2.2 million in supplemental US tariffs, before interest, on Bitcoin miners purchased in 2022 by a subsidiary it now owns.

The company said in an Aug. 24 filing that US Customs and Border Protection treated the equipment as Chinese-origin goods.

The filing stated seller-provided import documents included a certificate of origin and a certificate of manufacture certifying the miners were not of Chinese origin. It called CBP's allegation meritless, said it plans to protest, and said the amount payable remains uncertain.

The filing does not disclose CBP's origin analysis, the subsidiary or seller involved, the miner models or entries, the country Sphere 3D claims, the procedural trigger, or the certificates themselves. It also does not quantify statutory interest or say whether Sphere 3D has accrued, paid, or bonded any amount.

Why the possible $2.2 million charge matters

Sphere 3D's June 30 balance sheet, its first after completing the Cathedra Bitcoin combination, showed over $2.8 million in cash, $0.2 million in working capital, and roughly $5.9 million in current liabilities. The company also held 20.5 BTC valued at nearly $1.2 million.