Hive Digital Moves Headquarters to Texas, Referencing President-Elect Trump’s Support for Bitcoin

Bitcoin mining firm Hive Digital Technologies has revealed its intention to relocate its headquarters from Vancouver, Canada, to Texas.

The company cited the pro-Bitcoin policies anticipated under the incoming administration of President-elect Donald Trump, according to a statement issued on December 31.

Hive indicated that Texas is an attractive destination due to its favorable business environment, robust energy infrastructure, and access to skilled labor.

US Leadership in Crypto Makes it an Ideal Location

Hive asserted that the United States’ leadership in cryptocurrency innovation renders it an ideal site for its headquarters.

“The depth and breadth of U.S. capital markets are unmatched and essential to our growth strategy. The U.S. market, with its $40 trillion capitalization and daily trading volumes of $500 billion, provides HIVE with the liquidity, visibility, and valuation opportunities necessary for our expansion,” Frank Holmes, Hive’s executive chairman, stated.

Texas has become a center for Bitcoin mining, hosting major players such as Riot Platforms, Marathon Digital, Bitdeer, and Core Scientific.

The state’s energy resources and business-friendly environment have made it a preferred choice for mining companies seeking operational efficiency and regulatory certainty.

$HIVE is coming to San Antonio, Texas, y’all!
We’re relocating our HQ to the U.S. , embracing Texas’ business-friendly climate, strong blockchain ecosystem, and renewable energy opportunities. We’re also transitioning to U.S. GAAP reporting to align with investors.
Press… pic.twitter.com/FdYGBGoxQU

— HIVE Digital Technologies (@HIVEDigitalTech) December 31, 2024

Trump’s public endorsement of Bitcoin mining further reinforces Hive’s strategic relocation.

In a June 13 post on Truth Social, Trump expressed his commitment to ensuring that all remaining Bitcoin is mined in the U.S., describing it as a step toward achieving energy dominance.

This aligns with his discussions with industry leaders, including Riot Platforms CEO Jason Les, earlier this year.

Hive joins a growing number of crypto firms anticipating favorable regulatory changes under the Trump administration.

U.S. Considering Bitcoin Reserve

The U.S. is evaluating a Bitcoin reserve bill, advocated by Senator Cynthia Lummis, which would place Bitcoin under Treasury management.

It’s noteworthy that U.S. states are also beginning to explore the inclusion of Bitcoin in their reserves.

As reported, Ohio is the latest state to join this initiative, with House Republican leader Derek Merrin introducing a bill aimed at adding Bitcoin to the state’s treasury reserves.

This effort aligns with recent initiatives by Texas and Pennsylvania to establish Bitcoin reserves.

On December 12, 2024, Texas Representative Giovanni Capriglione introduced the Texas Strategic Bitcoin Reserve Act, which proposes that the state comptroller maintain Bitcoin as a reserve asset for at least five years.

Similarly, Pennsylvania made progress in November with Representative Mike Cabell’s proposal to allocate up to 10% of the state treasury’s balance sheet to Bitcoin.

Beyond state governments, corporate entities are also increasing their Bitcoin holdings.

MicroStrategy and Metaplanet, both prominent corporate Bitcoin holders, have significantly boosted their reserves.

Additionally, MARA Holdings (MARA) announced on December 10 that it had acquired 11,774 BTC, further strengthening its market position.

Likewise, Riot Platforms, a Bitcoin mining company, announced plans to raise $500 million through a private bond offering to enhance its Bitcoin reserves further.

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