HIVE Digital Technologies, a publicly listed Bitcoin miner on Wall Street, made a strategic decision to relocate its headquarters from Vancouver, Canada to San Antonio, Texas. This move signifies a shift in the company’s operational focus towards the U.S. market, in light of the growing optimism surrounding the U.S. cryptocurrency sector under the new Trump administration.
The relocation includes plans to transition to U.S. Generally Accepted Accounting Principles (GAAP) reporting by March 2025, aligning with the company’s strategic goals of operational efficiency and market expansion. Frank Holmes, the Executive Chairman of HIVE, emphasized the importance of the U.S. capital markets in driving the company’s growth strategy, citing the market’s liquidity, visibility, and valuation opportunities.
Texas, known for its business-friendly environment and robust energy infrastructure, provides an ideal setting for Wall Street Bitcoin miners like HIVE. The move is expected to enhance the company’s access to capital markets and strengthen relationships with U.S.-based investors and partners. Darcy Daubaras, the CFO of HIVE, highlighted the importance of financial transparency and regulatory compliance in positioning the company for long-term success in the global market.
Despite the headquarters relocation to San Antonio, HIVE’s CEO and CFO will remain in Canada to ensure operational continuity. The company plans to hire an Internal Auditor with Sarbanes-Oxley expertise in San Antonio to support U.S. regulatory compliance efforts. This strategic move is anticipated to boost trading liquidity and attract global investor interest, given the company’s enhanced presence in the U.S. market.
In addition to the relocation, HIVE announced a major expansion of its mining operations with the acquisition of 5,000 Avalon A15-194T ASIC miners from Canaan. This move positions the company for potential growth amid Bitcoin reaching new all-time highs above $100,000. HIVE expects its operational capacity to increase from 5.6 exahash per second (EH/s) to 6.4 EH/s by the end of 2025, reflecting the broader trend among publicly listed Bitcoin miners on Wall Street.
With data centers already operational in Canada, Sweden, and upcoming facilities in Paraguay, HIVE continues to expand its global footprint in digital asset mining and AI computing solutions. The company’s strategic moves and expansion efforts underscore its commitment to driving innovation and growth in the evolving cryptocurrency landscape.