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The move is due to expected changes under Trump's incoming administration and Texas’ business climate, energy infrastructure and workforce talent.
A publicly traded cryptocurrency mining company announced plans to move its headquarters from Canada to San Antonio.
HIVE Digital Technologies Ltd. said in a news release that its move from Vancouver, Canada, into the United States is due in part to changes expected to come under President Donald Trump’s new administration. The “favorable business environment” in Texas also contributed to the company’s decision to brings its headquarters to San Antonio, HIVE said.
The headquarters will be located at 7900 Callaghan Road in San Antonio.
HIVE Digital Technologies Ltd. (Nasdaq: HIVE) supports blockchain infrastructure through the mining and sale of digital currencies. The company operates data centers for computing and mining cryptocurrencies, including Bitcoin.
The company will also transition to the United States’ generally accepted accounting principles (GAAP) with all amounts in U.S. dollars.
The move will give the company access to the United States’ “thriving blockchain ecosystem,” HIVE announced.
“The United States has established itself as a global leader in blockchain innovation and cryptocurrency adoption,” according to the news release. “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.”
HIVE cited Texas’ business climate, energy infrastructure and workforce talent as potential contributors to the company’s growth.
“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,” HIVE said.
The relocation will allow the company to take advantage of venture capital and technology funds in the United States, per the announcement. As the home to tech giants like Apple, Microsoft and Amazon, the U.S. sets the pace for innovation and growth, said Frank Holmes, executive chairman of HIVE’s board of directors, in a prepared statement.
HIVE’s CEO Aydin Kilic and chief financial officer Darcy Daubaras plan to remain in Canada to ensure continuity in leadership and operations. The company intends to hire an internal auditor with expertise in Sarbanes-Oxley in San Antonio.
HIVE has data centers in Canada, Sweden and will soon open on in Paraguay.
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