Hive Digital Applied sciences (HIVE) has many firsts within the crypto business. It was the primary publicly traded Bitcoin miner in 2017 and one of many earliest to make a decisive pivot into high-performance computing (HPC) in 2022.
Now, Hive is again within the highlight, ringing the closing bell on the Nasdaq Inventory Trade because it eyes a $100 million annual run charge for its HPC enterprise by subsequent 12 months.
Cointelegraph obtained an unique invitation to the Nasdaq occasion, the place we sat down with Government Chairman Frank Holmes and CEO Aydin Kilic. The 2 mentioned the mining business’s escalating “scramble for electrical energy and land,” Bitcoin’s (BTC) evolving function as a reserve asset, and the challenges of nonetheless being considered as a Bitcoin proxy inventory in 2025.
This week’s Crypto Biz kicks off with the Hive-Nasdaq milestone, then turns to Citadel Securities’ newest warning to the US Securities and Trade Fee (SEC), and the election-fueled rise of US President Donald Trump’s Bitcoin mentor. It wraps up with IPO buzz, as yet one more crypto-native firm units its sights on going public.
Hive rings Nasdaq closing bell because it ramps up HPC development
Hive’s HPC enterprise has made important strides since first showing on the corporate’s earnings assertion in 2023. It now boasts a $20 million annual run charge, with projections to develop fivefold by early subsequent 12 months.
Whereas Hive’s Bitcoin mining operations stay worthwhile, the corporate has been actively diversifying in response to successive Bitcoin halvings, which have more and more squeezed miner margins. Most not too long ago, Hive acquired a website close to Toronto’s main airport, the place it plans so as to add 7.2 megawatts of HPC capability.
Regardless of this progress, Hive’s inventory efficiency hasn’t all the time mirrored its operational success. In accordance with Kilic and Holmes, that’s largely as a result of market nonetheless viewing Hive as a Bitcoin proxy inventory — leaving it uncovered to shifting investor sentiment.
Citadel warns SEC in opposition to shifting too rapidly on tokenization
Because the US SEC prepares to streamline tokenization laws, probably introducing an “innovation exemption,” Citadel Securities has urged warning, warning in opposition to shifting too quick and inadvertently creating regulatory loopholes.
“Tokenized securities should obtain success by delivering actual innovation and effectivity to market members, relatively than by way of self-serving regulatory arbitrage,” Citadel Securities wrote in a press release to the SEC’s Crypto Activity Pressure, reviewed by Bloomberg.
The market maker additionally cautioned that tokenization may weaken the broader inventory market by draining liquidity and creating “new liquidity swimming pools which can be inaccessible” to institutional buyers.
These feedback come amid rising institutional help for the area, with SEC Chair Paul Atkins not too long ago voicing sturdy backing for tokenization as a driver of economic innovation.
Trump’s Bitcoin mentor sees hedge fund surge following election win
Crypto entrepreneur David Bailey performed a key function in shifting Trump’s stance on Bitcoin — and his hedge fund, 210k Capital, is now reaping the rewards.
Within the 12 months by way of June, 210k Capital delivered a staggering 640% return, pushed largely by investments in Bitcoin treasury firms, in line with Bloomberg.
Whereas Bloomberg didn’t specify which corporations the fund holds, 210k Capital’s guardian firm, UTXO Administration, lists publicity to Technique, Metaplanet, Moon Inc., The Smarter Net Firm and different Bitcoin-linked performs.
Managing associate Tyler Evans stated the corporate is now eyeing an extra 30 investments in Bitcoin proxy firms because it appears to broaden its crypto-focused portfolio.
BitGo information for US IPO as custody enterprise grows
Crypto custodian BitGo has confidentially filed with the SEC to pursue an preliminary public providing — one other signal that digital asset corporations are persevering with their push towards public markets.
In a press release on Monday, BitGo confirmed that it submitted a draft registration assertion on Kind S-1 for a proposed IPO of its Class A typical inventory. Particulars in regards to the providing’s dimension and pricing weren’t disclosed.
The transfer comes as BitGo’s custody enterprise continues to broaden quickly. Because the starting of the 12 months, its belongings below custody have surged to $100 billion from $60 billion, in line with Bloomberg.
BitGo can also be one among a choose few US-based crypto corporations actively in search of a financial institution constitution, Cointelegraph reported in April.
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