Hive Digital Technologies Rings Nasdaq Closing Bell, Eyes $100M HPC Growth


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 yr.

Cointelegraph acquired 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 trade’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 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.

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Hive Digital rings the closing bell on the Nasdaq, with Cointelegraph in attendance. Supply: Nasdaq

Hive rings Nasdaq closing bell because it ramps up HPC progress

Hive’s HPC business has made important 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 yr.

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 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 at all times mirrored its operational success. In response to 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.

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Aydin Kilic (left) and Sam Bourgi on the Nasdaq closing bell in New York. Supply: Cointelegraph

Citadel warns SEC in opposition to transferring too rapidly on tokenization

Because the US SEC prepares to streamline tokenization rules, probably introducing an “innovation exemption,” Citadel Securities has urged caution, warning in opposition to transferring too quick and inadvertently creating regulatory loopholes.

“Tokenized securities should obtain success by delivering actual innovation and effectivity to market individuals, relatively than by means of self-serving regulatory arbitrage,” Citadel Securities wrote in an announcement to the SEC’s Crypto Job 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 lately voicing strong 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 means of June, 210k Capital delivered a staggering 640% return, pushed largely by investments in Bitcoin treasury firms, in response to Bloomberg.

Whereas Bloomberg didn’t specify which companies the fund holds, 210k Capital’s dad or mum firm, UTXO Administration, lists publicity to Technique, Metaplanet, Moon Inc., The Smarter Net Firm and different Bitcoin-linked performs.

Managing companion Tyler Evans mentioned the corporate is now eyeing a further 30 investments in Bitcoin proxy firms because it seems to be to broaden its crypto-focused portfolio.

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Public firms have considerably elevated their Bitcoin holdings, which now complete almost 867,000 BTC. Supply: BitcoinTreasuries.NET

BitGo recordsdata for US IPO as custody enterprise grows

Crypto custodian BitGo has confidentially filed with the SEC to pursue an initial public offering — 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 typical inventory. Particulars concerning the providing’s measurement and pricing weren’t disclosed.

The transfer comes as BitGo’s custody enterprise continues to broaden quickly. Because the starting of the yr, its belongings underneath custody have surged to $100 billion from $60 billion, in response to Bloomberg.

BitGo can also be certainly one of a choose few US-based crypto companies actively looking for a financial institution constitution, Cointelegraph reported in April.

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