HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares are trading higher on Tuesday. The company disclosed the strategic relocation of its headquarters from Vancouver, Canada, to San Antonio, Texas.
The company has signed a lease agreement for office space. HIVE's move to San Antonio marks a key growth milestone, aimed at boosting shareholder value, liquidity, and global investor interest. It will drive innovation in blockchain and AI data centers.
The CFO and CEO will stay in Canada for continuity, while the company seeks to hire an Internal Auditor in San Antonio for U.S. regulatory compliance.
Darcy Daubaras, CFO of HIVE, added, "Relocating our head office to the U.S. and changing our reporting to US GAAP aligns greatly with our strategic goals of operational efficiency, sustainability, and expanding our market presence. These moves enhance our financial transparency and position us for long-term success in the global market."
Also, HIVE Digital Technologies will transition to U.S. GAAP reporting, starting with its audited financial statements for the fiscal year ending March 31, 2025.
This shift aims to enhance comparability with U.S. and international peers and align financial reporting with the expectations of U.S.-based investors and capital markets.
Frank Holmes, Executive Chairman of HIVE, said, "The depth and breadth of U.S. capital markets are unparalleled and key to our growth strategy. The U.S. 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."
"Positioning HIVE at the heart of the global blockchain ecosystem in the U.S. will maximize shareholder value, bolster our visibility in sustainable innovation, and align us with the world's most robust and dynamic capital market."
Price Action: HIVE shares are up 3.6% at $3.02 premarket at the last check Tuesday.
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