Hive Digital moves HQ to Texas citing supportive climate under Trump

Bitcoin mining firm Hive Digital has announced that it will relocate its headquarters from Vancouver, Canada to Texas, citing President-elect Donald Trump’s pro-Bitcoin stance as one of the key reasons for the move. 

In a Dec. 31 statement, Hive Digital Technologies (HIVE) said the new Trump administration has demonstrated an emphasis on innovation and establishing a more friendly regulatory landscape for Bitcoin miners to grow.

HIVE wrote that Texas stood out as a clear choice for the new headquarters due to its “supportive business climate, energy infrastructure, and access to skilled talent.”

The firm added that the United States had quickly established itself as a global leader in the adoption of cryptocurrency technology, noting that the company would be best served if its headquarters were on US soil. 

“The depth and breadth of US capital markets are unparalleled and key to our growth strategy. The US 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,” said HIVE executive chairman Frank Holmes in a statement. 

Texas is a hotspot for Bitcoin mining operations, with miners including the likes of Applied Digital, Galaxy, Bitdeer, Cipher, Core Scientific, Hut 8, Riot Platforms, Marathon Digital, and Iris Energy all conducting mining operations in the state.

Related: New SEC boss Paul Atkins will transform crypto… but not right away

On June 13, Trump said he wanted to ensure that all future Bitcoin would be mined in the US, following a meeting with Riot Platforms CEO Jason Les and its head of public policy, Brian Morgenstern.

“We want all the remaining Bitcoin to be made in the USA. It will help us be energy-dominant!” wrote Trump in a June 13 post to his self-owned social media platform Truth Social. 

HIVE joins a growing roster of crypto industry players looking forward to better regulation and crypto-friendly policy developments expected to emerge from a Trump administration.

Experts have cited a swathe of recent developments for a bullish stance on crypto heading into 2025, ranging from the complete overhaul of the US Securities and Exchange Commission (SEC), increasingly crypto-positive regulatory developments in the courts, and greater crypto oversight from the Commodity Futures Trading Commission (CFTC). 

Magazine: Bitcoin payments are being undermined by centralized stablecoins