Bitcoin Miner HIVE Relocates Head Office to Texas

HIVE Digital (NASDAQ: HIVE) is relocating its head office from Vancouver, Canada, to San Antonio, Texas, citing favorable regulatory conditions for Bitcoin mining and access to a more robust capital market in the U.S.

The company announced on Tuesday that it has signed a lease agreement for office space in San Antonio, marking a significant step in establishing its U.S. headquarters.

HIVE highlighted Texas’ business-friendly environment, skilled workforce, and advanced energy infrastructure as key factors in its decision. Additionally, the company noted President-elect Donald Trump’s pro-Bitcoin stance as a complementary benefit to its operations.

As part of its U.S. expansion, HIVE will transition to reporting its financial results under U.S. Generally Accepted Accounting Principles (US GAAP), starting with its fiscal year-end results in March 2025. This shift is aimed at enhancing transparency, improving comparability with U.S. and global peers, and meeting the expectations of U.S.-based investors.

While HIVE’s headquarters will relocate, the company’s CFO and CEO will remain in Canada to ensure continuity in operations. The firm also plans to hire an internal auditor in San Antonio with expertise in Sarbanes-Oxley compliance to support its U.S. regulatory obligations.

HIVE is the latest Canadian Bitcoin mining company to move operations to the U.S. in search of a more favorable regulatory landscape and greater access to capital.

Hut 8 (NASDAQ: HUT), previously headquartered in Canada, completed a merger with USBTC in late 2023, becoming U.S.-domiciled and joining the Russell 3000 index earlier this year. Hut 8’s stock price has surged from under $9 in June to over $20 per share currently.