HIVE Digital Technologies Ltd. announced a strategic relocation of its head office from Vancouver, Canada, to San Antonio, Texas. This move is part of the company's plan to expand its presence in the U.S. market and align with the country’s blockchain and cryptocurrency ecosystem, with a lease agreement for office space already signed in San Antonio.
Concurrently, HIVE announced its transition to reporting financial results under U.S. Generally Accepted Accounting Principles (US GAAP), effective with its audited financial statements for the fiscal year ending March 31, 2025. This change aims to enhance comparability with U.S.-listed peers and meet the expectations of American investors, potentially unlocking higher valuations.
Executive Chairman Frank Holmes highlighted Texas' favorable business climate, energy infrastructure, and access to skilled talent as key factors for the relocation. The company expects this strategic move to improve its access to U.S. venture capital funds, technology funds, and exchange-traded funds, while its CFO and CEO will remain in Canada to ensure operational continuity.
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