Crypto Biz Weekly Roundup: Hive Hits Nasdaq, Market Moves Reviewed
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Hive Digital Rangs Nasdaq Closing Bell Amid Focused HPC Drive
Hive Digital Technologies (HIVE) marked a significant milestone this week by ringing the closing bell at the Nasdaq Stock Exchange. The company is targeting a $100 million annual run rate for its High-Performance Computing (HPC) business by next year, a venture it pivoted to significantly in 2022 after initially establishing itself as the first publicly traded Bitcoin miner in 2017.
Speaking at the Nasdaq event, where Cointelegraph secured exclusive access, Executive Chairman Frank Holmes and CEO Aydin Kilic discussed the mining industry’s ongoing “scramble for electricity and land,” Bitcoin’s strengthening role as a reserve asset, and the challenge of being perceived primarily as a Bitcoin proxy stock in 2025.
Accelerated HPC Growth for Hive
Hive’s HPC segment has seen substantial expansion since its inclusion in the company’s financials began in 2023, growing to an $20 million annual run rate, projected to multiply five times by early 2026.
Despite continued profitability from its core Bitcoin mining operations, Hive is diversifying markedly in response to persistently challenging Bitcoin halving conditions that have compressed margins. This week, the company finalized the acquisition of a site near Toronto’s major airport, earmarking it for expanding HPC capacity by an additional 7.2 megawatts.
Operational Success Overlooked by Stock Performance?
Notwithstanding this progress, Hive’s stock performance has sometimes diverged from its business trajectory. Holmes and Kilic attributed this disconnect partly to prevailing market perceptions: Hive continues to be largely viewed as a “Bitcoin proxy stock,” making its share price vulnerable to shifts in investor sentiment concerning Bitcoin’s outlook.
Citadel Securities Urges Caution on SEC Tokenization Plans
Citadel Securities has cautioned the U.S. SEC against rushing into finalizing regulations for security tokenization, which the regulator intends to streamline, including a proposed “innovation exemption.”
In a statement reviewed by Bloomberg, Citadel Securities advocated for prudence, arguing that tokenization should aim for genuine market innovation and efficiency, not merely seek regulatory arbitrage. “Tokenized securities must achieve success by delivering real innovation and efficiency to market participants, rather than through self-serving regulatory arbitrage,” the market maker emphasized.
Furthermore, the firm voiced concerns that tokenization could drain liquidity from traditional markets by establishing separate, “inaccessible” liquid pools available to institutional investors.
David Bailey’s 210k Capital Soars Amid Crypto Investments Post-Election
David Bailey, the crypto executive credited with influencing Donald Trump’s stance on Bitcoin, reported substantial gains for his hedge fund, 210k Capital.
The fund, which specialises in crypto assets, achieved a remarkable 640% return over the past twelve months through June, overwhelmingly driven by strategic investments in Bitcoin treasury companies, according to Bloomberg.
While specific holdings were not identified by Bloomberg, 210k Capital, affiliate of UTXO Management, maintains a portfolio including companies like Strategy (a Bitcoin delivery network), Metaplanet (NFT-focused), Moon Inc. and The Smarter Web Company.
Managing Partner Tyler Evans indicated the fund is now actively exploring further investment opportunities in Bitcoin proxy companies as part of its strategy to diversify its crypto-oriented portfolio.
BitGo Seeks IPO Reflecting Custody Business Boom
Crypto custodian BitGo has submitted confidential paperwork to the SEC in pursuit of an initial public offering. This development underscores the ongoing trend of digital asset companies exploring public market listings.
Though details regarding the proposed offering—such as size and pricing—remain undisclosed, the company confirmed the filing Monday, stating it submitted a draft registration statement on Form S-1.
BitGo reported rapid growth in its custody business, vaulting its Assets Under Custody (AUC) from $60 billion at the year’s start to $100 billion subsequently, as noted by Bloomberg.
CoinTelegraph previously reported in April on BitGo’s concurrent pursuit of a U.S. bank charter alongside its efforts to achieve public listing.
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