HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE) is relocating its headquarters from Vancouver to San Antonio, Texas.
In a statement, the blockchain technology company said the move is part of its plan to expand its presence in the US market and align with the country’s blockchain and cryptocurrency ecosystem.
Executive chairman Frank Holmes highlighted the strategic importance of the relocation, citing Texas’ favorable business climate, energy infrastructure, and access to skilled talent.
"The United States is home to global tech giants like Apple, Microsoft, and Amazon, setting the pace in innovation and growth,” Holmes said.
“Positioning HIVE at the heart of the global blockchain ecosystem in the US will maximize shareholder value, bolster our visibility in sustainable innovation, and align us with the world's most robust and dynamic capital market."
HIVE noted that the incoming US administration under President-elect Donald Trump has emphasized support for the cryptocurrency sector, including policies aimed at ensuring competitive energy costs for Bitcoin mining operations.
The company also plans to transition to report its financial results under US Generally Accepted Accounting Principles (US GAAP). By transitioning to US GAAP, HIVE aims to enhance comparability with US peers and meet the expectations of American investors.
The relocation is expected to improve HIVE’s access to US venture capital funds, technology funds, and exchange-traded funds (ETFs). Holmes pointed to the depth of US capital markets, with a $40 trillion market capitalization and $500 billion in daily trading volume, as key factors in the company’s decision.
The company plans to explore additional renewable energy solutions in Texas to maintain its leadership in sustainable blockchain infrastructure.
HIVE’s CFO and CEO will remain in Canada to ensure operational continuity, while the company seeks to hire an internal auditor in San Antonio to support US regulatory compliance.