$2.2M Tariff Claim Hits Bitcoin Miner Sphere 3D

Crypto miner Sphere 3D is facing a potential tariff claim of $2.2 million from US Customs and Border Protection, which would equal about 77% of its cash balance.

The claim stems from Bitcoin miners purchased in 2022 by a subsidiary of the company. The equipment was treated as Chinese-origin goods, despite seller-provided import documents including certificates stating they were not made in China.

Sphere 3D plans to protest the tariff claim, which generally gives importers 180 days after the relevant liquidation or other protestable decision. The company's June 30 balance sheet showed over $2.8 million in cash and roughly $5.9 million in current liabilities.