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 Alternate because it eyes a $100 million annual run price for its HPC enterprise by subsequent 12 months.
Cointelegraph obtained 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 Alternate 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 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 price, 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 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 all the time mirrored its operational success. In line with 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 transferring too rapidly on tokenization
Because the US SEC prepares to streamline tokenization rules, doubtlessly introducing an “innovation exemption,” Citadel Securities has urged warning, warning towards transferring too quick and inadvertently creating regulatory loopholes.
“Tokenized securities should obtain success by delivering actual innovation and effectivity to market members, quite than by 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 might 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 not too long ago 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 line with Bloomberg.
Whereas Bloomberg didn’t specify which corporations the fund holds, 210k Capital’s mother or father firm, UTXO Administration, lists publicity to Technique, Metaplanet, Moon Inc., The Smarter Net Firm and different Bitcoin-linked performs.
Managing accomplice Tyler Evans stated the corporate is now eyeing a further 30 investments in Bitcoin proxy corporations because it seems to be to develop 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 Type S-1 for a proposed IPO of its Class A typical inventory. Particulars concerning the providing’s dimension and pricing weren’t disclosed.
The transfer comes as BitGo’s custody enterprise continues to develop 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 be one among a choose few US-based crypto corporations actively searching for a financial institution constitution, Cointelegraph reported in April.
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