Hive Digital Applied sciences (HIVE) has many firsts within the crypto trade. 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 Change because it eyes a $100 million annual run fee for its HPC enterprise by subsequent 12 months.
Cointelegraph acquired an unique invitation to the Nasdaq occasion, the place we sat down with Govt Chairman Frank Holmes and CEO Aydin Kilic. The 2 mentioned the mining trade’s escalating “scramble for electrical energy and land,” Bitcoin’s (BTC) evolving function as a reserve asset, and the challenges of nonetheless being seen 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 Change Fee (SEC), and the election-fueled rise of US President Donald Trump’s Bitcoin mentor. It wraps up with IPO buzz, as one more crypto-native firm units its sights on going public.
Hive rings Nasdaq closing bell because it ramps up HPC progress
Hive’s HPC enterprise has made vital strides since first showing on the corporate’s revenue assertion in 2023. It now boasts a $20 million annual run fee, 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 lately, Hive acquired a web site 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 at all times mirrored its operational success. In response to Kilic and Holmes, that’s largely because of the market nonetheless viewing Hive as a Bitcoin proxy inventory — leaving it uncovered to shifting investor sentiment.
Citadel warns SEC towards 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 towards shifting too quick and inadvertently creating regulatory loopholes.
“Tokenized securities should obtain success by delivering actual innovation and effectivity to market contributors, moderately than by self-serving regulatory arbitrage,” Citadel Securities wrote in an announcement to the SEC’s Crypto Job Power, 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 might be inaccessible” to institutional traders.
These feedback come amid rising institutional assist for the area, with SEC Chair Paul Atkins lately voicing sturdy backing for tokenization as a driver of monetary 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 June, 210k Capital delivered a staggering 640% return, pushed largely by investments in Bitcoin treasury corporations, in response to Bloomberg.
Whereas Bloomberg didn’t specify which companies the fund holds, 210k Capital’s mother or father firm, UTXO Administration, lists publicity to Technique, Metaplanet, Moon Inc., The Smarter Internet Firm and different Bitcoin-linked performs.
Managing associate Tyler Evans mentioned the corporate is now eyeing an extra 30 investments in Bitcoin proxy corporations because it seems to be to broaden its crypto-focused portfolio.
BitGo recordsdata 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 companies are persevering with their push towards public markets.
In an announcement on Monday, BitGo confirmed that it submitted a draft registration assertion on Type S-1 for a proposed IPO of its Class A standard 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 property beneath custody have surged to $100 billion from $60 billion, in response to Bloomberg.
BitGo can also be considered one of a choose few US-based crypto companies actively searching for a financial institution constitution, Cointelegraph reported in April.
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