HIVE Digital Technologies Ltd. HIVE co-founder Frank Holmes said that the new cryptocurrency accounting standards will remove barriers to corporate adoption of Bitcoin BTC/USD.
What Happened: During an interview with Scott Melker, host of the popular “The Wolf of All Streets” podcast, Holmes was asked about the rule change by the Financial Accounting Standards Board and whether it will drive more companies to consider Bitcoin as a reserve.
“Yes, absolutely,” responded Holmes, who leads North America’s first publicly traded Bitcoin mining company.
The new rule enables firms to report cryptocurrencies at fair value, or simply their current value, and include them in the company’s net income. Previously, cryptocurrencies were classified as indefinite-lived intangible assets, which required corporations to account for impairment charges.
Holmes said that the new mark-to-market standards are “really important,” paving the way for more companies to enter the Bitcoin market.
He also shared that HIVE has been a pioneer in using Bitcoin as a balance sheet asset, deeming it a “proxy” for those hesitant to invest in the asset through cryptocurrency exchanges.
See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally
Why It Matters: The optimistic remarks aligned with those by Bitwise Chief Investment Officer Matt Hougan, who stated that the new rules would play a major role in incentivizing Bitcoin corporate adoption.
HIVE mines digital currencies like Bitcoin using renewable energy. The company recently relocated its headquarters from Vancouver, Canada, to San Antonio, Texas—the global hub of Bitcoin mining and a favored location for mining giants like Riot Platforms and MARA Holdings. This move is expected to enhance shareholder value, liquidity, and global investor interest.
The company currently holds a 1% market share of the global Bitcoin mining network, with a goal of capturing 2% by summer 2025.
HIVE held 2,805 BTCs, valued at $272.83 million as of this writing, according to BitcoinTreasuries.com. MicroStrategy was the market leader with over $43 billion in Bitcoin on its books.
Price Action: At the time of writing, Bitcoin was exchanging hands at $97,052.07, up 1.77% in the last 24 hours, according to data from Benzinga Pro.
Shares of HIVE closed 0.34% higher at $2.92 during Tuesday’s regular session and were up 1.71% in pre-market trading.
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