RETRANSMISSION: HIVE Digital Technologies Announces Relocation of Head Office to San Antonio, Texas and Transition to US GAAP Reporting
HIVE Digital Technologies has announced the strategic relocation of its head office from Vancouver, Canada to San Antonio, Texas, along with a transition to US GAAP reporting starting March 31, 2025. The move aims to position HIVE within the U.S. market's thriving blockchain ecosystem and capitalize on its favorable business environment.
Key advantages of the relocation include access to deeper capital markets, with U.S. markets featuring $40 trillion capitalization and $500 billion daily trading volumes. The company has signed a lease agreement in San Antonio, while the CFO and CEO will remain in Canada. HIVE plans to hire an Internal Auditor with Sarbanes-Oxley expertise in San Antonio.
The transition to US GAAP reporting is expected to enhance comparability with peers and align with U.S. investor expectations. The company maintains its commitment to sustainable operations and green blockchain innovation, leveraging the U.S. market's diverse renewable energy resources.
HIVE Digital Technologies ha annunciato la relocation strategica della sua sede centrale da Vancouver, Canada, a San Antonio, Texas, insieme a una transizione alla rendicontazione secondo i principi contabili GAAP degli Stati Uniti a partire dal 31 marzo 2025. Questa mossa ha lo scopo di posizionare HIVE all'interno del fiorente ecosistema blockchain del mercato statunitense e di trarre vantaggio dal suo ambiente favorevole agli affari.
I principali vantaggi della relocation includono l'accesso a mercati di capitali più profondi, con i mercati statunitensi che presentano una capitalizzazione di 40 trilioni di dollari e volumi di scambio quotidiani di 500 miliardi di dollari. L'azienda ha firmato un contratto di locazione a San Antonio, mentre il CFO e il CEO rimarranno in Canada. HIVE prevede di assumere un revisore interno con expertise in Sarbanes-Oxley a San Antonio.
Si prevede che la transizione alla rendicontazione secondo i principi GAAP statunitensi migliori la comparabilità con i pari e si allinei con le aspettative degli investitori statunitensi. L'azienda mantiene il suo impegno verso operazioni sostenibili e innovazione green nel blockchain, sfruttando le diverse risorse di energia rinnovabile del mercato statunitense.
HIVE Digital Technologies ha anunciado la reubicación estratégica de su oficina central de Vancouver, Canadá, a San Antonio, Texas, junto con una transición a la contabilidad bajo GAAP de EE. UU. que comenzará el 31 de marzo de 2025. Este movimiento busca posicionar a HIVE dentro del próspero ecosistema blockchain del mercado estadounidense y capitalizar su favorable entorno empresarial.
Las principales ventajas de la reubicación incluyen el acceso a mercados de capital más profundos, con los mercados de EE. UU. presentando una capitalización de 40 billones de dólares y volúmenes diarios de negociación de 500 mil millones de dólares. La empresa ha firmado un contrato de arrendamiento en San Antonio, mientras que el CFO y el CEO permanecerán en Canadá. HIVE planea contratar un auditor interno con experiencia en Sarbanes-Oxley en San Antonio.
Se espera que la transición a la contabilidad GAAP de EE. UU. mejore la comparabilidad con sus pares y se alinee con las expectativas de los inversores de EE. UU. La empresa mantiene su compromiso con operaciones sostenibles e innovación verde en blockchain, aprovechando los diversos recursos de energía renovable del mercado estadounidense.
HIVE Digital Technologies는 본사를 캐나다 밴쿠버에서 텍사스 주 샌안토니오로 전략적으로 이전하고 2025년 3월 31일부터 미국 GAAP 회계 기준으로 전환한다고 발표했습니다. 이 이동은 HIVE를 미국 시장의 번창하는 블록체인 생태계 내에서 자리 잡게 하고 유리한 비즈니스 환경을 활용하려는 목적입니다.
이전의 주요 장점으로는 깊이 있는 자본 시장에 접근할 수 있다는 점이 있으며, 미국 시장은 40조 달러의 자본화와 5천억 달러의 일일 거래량을 자랑합니다. 회사는 샌안토니오에 임대 계약을 체결했으며, CFO와 CEO는 캐나다에 계속 남아 있습니다. HIVE는 샌안토니오에서 Sarbanes-Oxley 전문성을 가진 내부 감사를 채용할 계획입니다.
미국 GAAP 회계 기준으로의 전환은 동료들과의 비교 가능성을 개선하고 미국 투자자의 기대에 부합할 것으로 예상됩니다. 회사는 지속 가능한 운영 및 친환경 블록체인 혁신에 대한 의지를 유지하며, 미국 시장의 다양한 재생 에너지 자원을 활용하고 있습니다.
HIVE Digital Technologies a annoncé le déménagement stratégique de son siège social de Vancouver, Canada, à San Antonio, Texas, ainsi qu'une transition vers la comptabilité selon les normes GAAP américaines à partir du 31 mars 2025. Ce déménagement vise à positionner HIVE au sein de l'écosystème blockchain florissant du marché américain et à tirer parti de son environnement commercial favorable.
Les principaux avantages de cette relocation incluent l'accès à des marchés de capitaux plus profonds, avec des marchés américains affichant une capitalisation de 40 trillions de dollars et des volumes de trading quotidiens de 500 milliards de dollars. L'entreprise a signé un contrat de location à San Antonio, tandis que le CFO et le CEO resteront au Canada. HIVE prévoit d'embaucher un auditeur interne ayant une expertise en Sarbanes-Oxley à San Antonio.
La transition vers la comptabilité GAAP américaine devrait améliorer la comparabilité avec les pairs et s'aligner sur les attentes des investisseurs américains. L'entreprise maintient son engagement envers des opérations durables et l'innovation verte dans le domaine blockchain, en tirant parti des diverses ressources d'énergie renouvelable du marché américain.
HIVE Digital Technologies hat die strategische Verlagerung seines Hauptsitzes von Vancouver, Kanada, nach San Antonio, Texas, sowie den Übergang zur US-GAAP-Berichterstattung ab dem 31. März 2025 angekündigt. Der Umzug zielt darauf ab, HIVE innerhalb des florierenden Blockchain-Ökosystems des US-Marktes zu positionieren und von seinem günstigen Geschäftsumfeld zu profitieren.
Die wichtigsten Vorteile der Verlagerung umfassen den Zugang zu tieferen Kapitalmärkten, wobei die US-Märkte eine Kapitalisierung von 40 Billionen Dollar und tägliche Handelsvolumina von 500 Milliarden Dollar aufweisen. Das Unternehmen hat einen Mietvertrag in San Antonio unterzeichnet, während der CFO und der CEO in Kanada bleiben werden. HIVE plant, einen internen Prüfer mit Sarbanes-Oxley-Expertise in San Antonio einzustellen.
Der Übergang zur US-GAAP-Berichterstattung wird voraussichtlich die Vergleichbarkeit mit Wettbewerbern verbessern und sich an die Erwartungen der US-Investoren anpassen. Das Unternehmen bekräftigt sein Engagement für nachhaltige Praktiken und grüne Blockchain-Innovationen und nutzt die vielfältigen erneuerbaren Energiequellen des US-Marktes.
- None.
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This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 3, 2024 to its short form base shelf prospectus dated September 11, 2024.
Vancouver, British Columbia and San Antonio, Texas--(Newsfile Corp. - December 31, 2024) - HIVE Digital Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: YO0) (referred to as the "Company" or "HIVE"), a global leader in sustainable blockchain infrastructure, is excited to announce a strategic relocation of its head office from Vancouver, Canada to San Antonio, Texas, and a transition to US GAAP Reporting (all amounts in US dollars, unless otherwise indicated).
Head Office Relocation
This strategic move underscores HIVE's commitment to growth, innovation, and maximizing shareholder value within one of the world's most dynamic and influential markets. The Company has signed a lease agreement for office space in San Antonio, Texas, marking an important step in establishing its new headquarters.
Key Advantages of the Move
- Access to a Thriving Blockchain Ecosystem
The United States has established itself as a global leader in blockchain innovation and cryptocurrency adoption. Positioning our head office in the U.S. is consistent with HIVE's desire to be present and aligned with the evolving demands of this robust market.
- Favorable Business Environment in Texas and New Administration Under the Leadership of President-Elect Donald Trump
We believe the United States offers an increasingly competitive and business-friendly regulatory framework, coupled with unparalleled access to capital markets. Texas, in particular, stands out for its supportive business climate, energy infrastructure, and access to skilled talent.
Additionally, the new administration under President-elect Donald Trump has demonstrated a more pro-Bitcoin stance, emphasizing innovation and establishing a regulatory framework for the cryptocurrency ecosystem. President-elect Trump has stated, that under his leadership, America would become a safer and more attractive place for Bitcoin miners by implementing policies to ensure the U.S. has the cheapest energy globally, fostering innovation, and creating a regulatory environment that supports cryptocurrency operations.
This policy direction further supports HIVE's strategic goals. We also expect the move to facilitate deeper relationships with our U.S.-based investors and partners.
- Deeper and More Robust Capital Markets
Relocating to the United States enhances HIVE's ability to optimize funding, especially considering the size and diversity of venture capital funds, technology funds, and ETFs in the U.S.
Frank Holmes, Executive Chairman of HIVE, stated:
"The depth and breadth of U.S. capital markets are unparalleled and key to our growth strategy. The U.S. market, with its$40 trillion capitalization and daily trading volumes of$500 billion , offers HIVE the liquidity, visibility, and valuation opportunities we need to scale."
Mr. Holmes also highlighted the advantages of the U.S. market's diversity:
"The United States is home to global tech giants like Apple, Microsoft, and Amazon, setting the pace in innovation and growth. Positioning HIVE at the heart of the global blockchain ecosystem in the U.S. will maximize shareholder value, bolster our visibility in sustainable innovation, and align us with the world's most robust and dynamic capital market."
- Support for Sustainable Growth
As a pioneer in green cryptocurrency mining, HIVE recognizes the growing emphasis on sustainability within the U.S. market. Our move, coupled with possible further developments in the U.S., positions us to leverage the country's diverse renewable energy resources, ensuring continued leadership in environmentally responsible blockchain innovation.
Transition to US GAAP Reporting
HIVE also announces its transition to reporting financial results under U.S. Generally Accepted Accounting Principles ("US GAAP"), starting with its audited financial statements for the fiscal year ending March 31, 2025.
This change will:
- Enhance comparability with U.S. and international peers.
- Align financial reporting with the expectations of U.S.-based investors and capital markets.
Darcy Daubaras, CFO of HIVE, stated:
"Relocating our head office to the U.S. and changing our reporting to US GAAP aligns greatly with our strategic goals of operational efficiency, sustainability, and expanding our market presence. These moves enhance our financial transparency and position us for long-term success in the global market."
Looking Ahead
The relocation represents a significant milestone in HIVE's growth story. The Company expects this strategic move to:
- Enhance long-term shareholder value.
- Increase stock trading liquidity and attract global investor interest.
- Foster innovation and accelerate growth in blockchain and AI-driven data centers.
HIVE's CFO and CEO will stay in Canada to ensure continuity in leadership and operations. HIVE is also seeking to hire an Internal Auditor with expertise in Sarbanes-Oxley in San Antonio to support our U.S. regulatory compliance.
Commitment to Sustainability and Innovation
HIVE reaffirms its dedication to environmentally responsible operations. The move to the U.S. allows the Company to explore additional renewable energy solutions, maintaining its leadership in green blockchain innovation.
About HIVE Digital Technologies Ltd.
HIVE Digital Technologies Ltd. is a pioneering technology company focused on advancing sustainable blockchain and AI infrastructure powered by green energy. HIVE was the first cryptocurrency miner to go public on the TSX Venture Exchange in 2017 and is committed to reducing environmental impact and optimizing operational efficiency. With data centers in Canada, Sweden, and soon Paraguay, HIVE is a global leader in digital asset mining and AI computing solutions.
For more information, visit hivedigitaltech.com, or connect with us on:
X: https://x.com/HIVEDigitalTech
YouTube: https://www.youtube.com/@HIVEDigitalTech
Instagram: https://www.instagram.com/hivedigitaltechnologies/
LinkedIn: https://linkedin.com/company/hiveblockchain
On Behalf of HIVE Digital Technologies Ltd.
"Frank Holmes"
Executive Chairman
For further information, please contact:
Nathan Fast
Director of Marketing and Branding
Frank Holmes
Executive Chairman
Aydin Kilic
President & CEO
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian and United States securities legislation and regulations that is based on expectations, estimates and projections as at the date of this news release. "Forward-Looking information" in this news release includes but is not limited to: the advantages of the relocation of the Company's head office to the United States; business goals and objectives of the Company; the acquisition, deployment and optimization of the mining fleet and equipment; the continued viability of its existing Bitcoin mining operations; and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, an inability to realize the expected benefits of the relocation of the Company's head office to the United States; the volatility of the digital currency market; the Company's ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory as required, or at all; a material decline in digital currency prices may have a significant negative impact on the Company's operations; the regulatory environment for cryptocurrency in Canada, the United States and the countries where our mining facilities are located; economic dependence on regulated terms of service and electricity rates; the speculative and competitive nature of the technology sector; dependency on continued growth in blockchain and cryptocurrency usage; lawsuits and other legal proceedings and challenges; government regulations; the global economic climate; dilution; future capital needs and uncertainty of additional financing, including the Company's ability to utilize the Company's ATM Program and the prices at which the Company may sell Common Shares in the ATM Program, as well as capital market conditions in general; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; the competitive nature of the industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the impact of energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; share dilution resulting from the ATM Program and from other equity issuances; the construction and operation of facilities may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine digital currency; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of electricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate cryptocurrency mining assets; the risks of an increase in the Company's electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company's profitability; the ability to complete current and future financings, any regulations or laws that will prevent the Company from operating its business; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics on the price of digital currencies, capital market conditions, restriction on labour and international travel and supply chains; and, the adoption or expansion of any regulation or law that will prevent the Company from operating its business, or make it more costly to do so; and other related risks as more fully set out in the Company's disclosure documents under the Company's filings at www.sec.gov/EDGAR and www.sedarplus.ca.
The forward-looking information in this news release reflects the Company's current expectations, assumptions, and/or beliefs based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's objectives, goals or future plans, the timing thereof and related matters. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance, and accordingly, undue reliance should not be put on such information due to its inherent uncertainty. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235635
FAQ
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