Hive Digital Technologies (HIVE) has many firsts in the crypto industry. It was the first publicly traded Bitcoin miner in 2017 and one of the earliest to make a decisive pivot into high-performance computing (HPC) in 2022.
Now, Hive is back in the spotlight, ringing the closing bell at the Nasdaq Stock Exchange as it eyes a $100 million annual run rate for its HPC business by next year.
Cointelegraph received an exclusive invitation to the Nasdaq event, where we sat down with Executive Chairman Frank Holmes and CEO Aydin Kilic. The two discussed the mining industry’s escalating “scramble for electricity and land,” Bitcoin’s (BTC) evolving role as a reserve asset, and the challenges of still being viewed as a Bitcoin proxy stock in 2025.
This week’s Crypto Biz kicks off with the Hive-Nasdaq milestone, then turns to Citadel Securities’ latest warning to the US Securities and Exchange Commission (SEC), and the election-fueled rise of US President Donald Trump’s Bitcoin mentor. It wraps up with IPO buzz, as yet another crypto-native company sets its sights on going public.
Hive rings Nasdaq closing bell as it ramps up HPC growth
Hive’s HPC business has made significant strides since first appearing on the company’s income statement in 2023. It now boasts a $20 million annual run rate, with projections to grow fivefold by early next year.
While Hive’s Bitcoin mining operations remain profitable, the company has been actively diversifying in response to successive Bitcoin halvings, which have increasingly squeezed miner margins. Most recently, Hive acquired a site near Toronto’s major airport, where it plans to add 7.2 megawatts of HPC capacity.
Despite this progress, Hive’s stock performance hasn’t always reflected its operational success. According to Kilic and Holmes, that’s largely due to the market still viewing Hive as a Bitcoin proxy stock — leaving it exposed to shifting investor sentiment.
Citadel warns SEC against moving too quickly on tokenization
As the US SEC prepares to streamline tokenization regulations, potentially introducing an “innovation exemption,” Citadel Securities has urged caution, warning against moving too fast and inadvertently creating regulatory loopholes.
“Tokenized securities must achieve success by delivering real innovation and efficiency to market participants, rather than through self-serving regulatory arbitrage,” Citadel Securities wrote in a statement to the SEC’s Crypto Task Force, reviewed by Bloomberg.
The market maker also cautioned that tokenization could weaken the broader stock market by draining liquidity and creating “new liquidity pools that are inaccessible” to institutional investors.
These comments come amid growing institutional support for the space, with SEC Chair Paul Atkins recently voicing strong backing for tokenization as a driver of financial innovation.
Trump’s Bitcoin mentor sees hedge fund surge following election win
Crypto entrepreneur David Bailey played a key role in shifting Trump’s stance on Bitcoin — and his hedge fund, 210k Capital, is now reaping the rewards.
In the 12 months through June, 210k Capital delivered a staggering 640% return, driven largely by investments in Bitcoin treasury companies, according to Bloomberg.
While Bloomberg didn’t specify which firms the fund holds, 210k Capital’s parent company, UTXO Management, lists exposure to Strategy, Metaplanet, Moon Inc., The Smarter Web Company and other Bitcoin-linked plays.
Managing partner Tyler Evans said the company is now eyeing an additional 30 investments in Bitcoin proxy companies as it looks to expand its crypto-focused portfolio.
BitGo files for US IPO as custody business grows
Crypto custodian BitGo has confidentially filed with the SEC to pursue an initial public offering — another sign that digital asset firms are continuing their push toward public markets.
In a statement on Monday, BitGo confirmed that it submitted a draft registration statement on Form S-1 for a proposed IPO of its Class A common stock. Details about the offering’s size and pricing were not disclosed.
The move comes as BitGo’s custody business continues to expand rapidly. Since the beginning of the year, its assets under custody have surged to $100 billion from $60 billion, according to Bloomberg.
BitGo is also one of a select few US-based crypto firms actively seeking a bank charter, Cointelegraph reported in April.
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