Sebastian Sinclair

<div id="highlights-block_62bcde198fccc" class="highlights">
 <ul>
 <li>The crypto miner said it would miss its annual filings deadline by more than two weeks</li>
 <li>As a result of the delay, HIVE has asked securities regulators across Canada to bar certain employees from trading in its stock</li>
 </ul>
 
</div>



Publicly traded crypto miner HIVE Blockchain Technologies on Wednesday asked securities watchdogs in Canada to bar executives from trading in the company&#8217;s stock due to a delay in its financial statements.



HIVE — a&nbsp;crypto mining firm utilizing hydroelectric power across Canada, Sweden and Iceland — is expected to file its annual filings for the fiscal year by July 15 instead of the originally expected date of June 29.



Audited financial statements, chief executive and chief financial officer certifications and management discussion, as well as analysis, make up the majority of HIVE&#8217;s annual filings.



As a result of the delay, HIVE is asking regulators across all provinces and territories of Canada to issue a temporary order inhibiting directors, officers and insiders from trading in HIVE equities. Once the filings are finalized, the prohibition against company employees is expected to lift.



HIVE&#8217;s share price has since tumbled more than 10% on the day from 4.42 Canadian dollars ($3.43) to $4.01 Canadian dollars, exchange data show.



The firm is blaming a &#8220;combination of factors,&#8221; including a shorter filing deadline for non-venture issuers, a rapid increase in the company’s growth and an increase in the number of transactions resulting from that growth.



&#8220;The company does not anticipate such difficulties with future filings and has made arrangements to satisfy the shorter filing periods for future year-ends, including hiring additional finance staff,&#8221; HIVE said in a statement.



Founded in 2013, HIVE went public in 2017 via the Toronto Stock Exchange, and, at the time, touted itself as the first crypto mining company with a &#8220;green energy and ESG strategy&#8221; to do so. The company recently sold roughly 10,000 ether in a bid to scoop up Intel&#8217;s bitcoin mining rigs amid <a href="https://cms.blockworks.co/crashing-prices-expose-bitcoin-mining-industrys-addiction-to-leverage/" target="_blank" rel="noreferrer noopener">declining prices</a> in a contracting crypto market.



HIVE said it intends to provide updates on a bi-weekly basis, in accordance with national policy, until the filings are completed.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Bitcoin mining

Blockchain Miner HIVE Asks Canada Regulators To Bar Execs From Trading Stock

Ben Strack

<div id="highlights-block_62266a28ac569" class="highlights">
 <ul>
 <li>VanEck proposed an ETF in December that would invest in futures contracts and investment offerings linked to gold or bitcoin</li>
 <li>Investors who buy bitcoin and those who buy gold are “very different,” ETF.com crypto editor says</li>
 </ul>
 
</div>



VanEck is laying the groundwork for an ETF that would invest in companies mining both digital assets and gold.



The VanEck Gold and Digital Assets Mining ETF would invest primarily in the securities within an index tracking the performance of gold mining and digital assets mining businesses, according to a recent <a href="https://www.sec.gov/Archives/edgar/data/1137360/000113736022000218/vegoldanddigitalassets485a.htm" target="_blank" rel="noreferrer noopener">regulatory disclosure</a>.



It would not invest in digital assets directly or via derivatives. The filing did not indicate a ticker or expense ratio.



A VanEck spokesperson declined to comment.



“I think VanEck is just trying different things and seeing what sticks,” said Sumit Roy, crypto editor and analyst at ETF.com. “It&#8217;s the equivalent of sticking bitcoin and gold into an ETF — a strategy that we&#8217;ve already seen employed and some people like.”



WisdomTree’s Enhanced Commodity Strategy Fund (GCC), for example, which invests in gold, expanded its strategy to include bitcoin futures in October.



“While I don&#8217;t want to count this ETF out, I don&#8217;t think it will see as much traction as more focused ETFs,” Roy said. “The investors who buy bitcoin and those who buy gold are very different.”



The plans follow VanEck proposing a <a href="https://www.sec.gov/Archives/edgar/data/1137360/000113736021001182/vvtgoldandbitcoinstrategye.htm" target="_blank" rel="noreferrer noopener">gold and bitcoin strategy ETF</a> in December. The fund would invest in futures contracts, exchange-traded products (ETPs) and other investments linked to gold or bitcoin.



“Gold bugs and the bitcoin maxis tend to go at each other’s throats,” Nathan Geraci, president of The ETF Store, said at the time. “Who are you marketing to here?”



VanEck’s largest US ETF is its gold miners fund (GDX). Launched in 2006, the fund has about $14.5 billion of assets. Overall, VanEck manages about $63 billion of assets across more than 60 US ETFs.



VanEck launched its Digital Transformation ETF (DAPP), which holds crypto exchanges, miners and other digital asset-related stocks, last April.



The firm also <a href="https://cms.blockworks.co/vanecks-bitcoin-futures-etf-set-to-launch-tuesday/" target="_blank" rel="noreferrer noopener">brought to market</a> its Bitcoin Strategy ETF (XBTF), which invests in cash-settled bitcoin futures contracts.



An additional crypto-related product, <a href="https://cms.blockworks.co/vaneck-seeks-to-launch-digital-asset-mining-etf/" target="_blank" rel="noreferrer noopener">the VanEck Digital Assets Mining ETF</a>, is expected to launch Wednesday, according to a source familiar with the matter.



The Securities and Exchange Commission <a href="https://cms.blockworks.co/sec-rejects-vanecks-proposed-spot-bitcoin-etf/" target="_blank" rel="noreferrer noopener">in November rejected</a> a proposed VanEck ETF that would have bought bitcoin directly. The regulator has not yet approved such a fund despite industry participants pushing for one for years.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/thebreakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>