As institutional interest deepens and real-world blockchain applications expand, Bitcoin is moving from speculative hype to serious financial strategy. A growing number of chief financial officers (CFOs) are beginning to treat it not just as an investment but as a financial asset to manage.
“From a management point of view, some CFOs are already starting to do that,” said Darcy Daubaras, CFO, Hive Digital Technologies in an exclusive interview with TechObserver.in. “Large companies are now using Bitcoin on their balance sheet as a strategic asset—buying and holding it, securitising it, lending against it and even raising capital without having to sell.”
“Bitcoin is becoming a financial asset that CFOs are beginning to manage,” he said. “At Hive, the Bitcoin we mine and hold is treated as a strategic asset. We sell when needed, but manage it with a long-term view.”
Edited Excerpts:
There seems to be a lot of exuberance in the blockchain space, especially around cryptocurrency, Bitcoin and new approaches to money and finance. As a CFO, how do you look at this evolving space?
The big thing that we are seeing with blockchain, cryptocurrency and Bitcoin as a potential alternative form of money is the control governments have over traditional money systems. How they can unilaterally block people’s access to their own funds.
There are countries—for example, Argentina years ago—where people would wake up in the morning and find out the government had taken part of their money. That kind of control is what I think people are starting to push back against. They want more freedom and liberty over their own financial resources.
I think this gives people a sense of financial freedom. With what has happened in the U.S. and in other countries—such as excessive money printing—it is getting harder for people to trust the financial system and their governments. So with Bitcoin and cryptocurrency, I think it is an alternative that will take time to develop as a usable form of money.
Right now, people—whether it’s strategists or others—are viewing it as a financial asset for price appreciation. But when you look deeper, it has a huge underlying ecosystem that provides support. I have been with Hive since 2018 and Hive has been part of securing that ecosystem since then. We started as an Ethereum miner back in 2018, mining in Iceland and Sweden, expanded into Bitcoin in 2020 in Canada, did some more in Sweden and now we are expanding into Paraguay.
So this financial freedom and the security provided by blockchain are what I think will be really valuable for the world economy going forward.
If you look across industries—majority of CFOs do not consider cryptocurrency or Bitcoin as a core asset to manage right now. How soon do you see mainstream CFOs beginning to think about Bitcoin, crypto and other forms of digital money as something they need to manage?
From a management point of view, some CFOs are already starting to do that. You have got some large companies that are using Bitcoin on their balance sheet as a strategic asset. They will buy and hold Bitcoin and use it as leverage—securitising it, lending against it and raising capital without selling it.
So it is becoming a financial asset that CFOs are beginning to manage. For myself, as the CFO of Hive, the Bitcoin that we mine and hold on our balance sheet is treated as a strategic asset. We sell it when necessary, but we manage it with a long-term view.
When I started, Bitcoin was much lower in value. These kinds of cryptocurrency assets, I think, will become much more mainstream over the coming years. There are very few of us dealing with it now because of its volatility, which definitely scares a lot of people—especially in finance and operations—when it comes to relying on it as a stable asset.
You mentioned volatility, a key barrier to adoption despite steady growth. What do you think drives this hesitation? Is fragmented global regulation a factor? Most governments have frameworks for traditional money (cash, digital, or gold-backed), yet they remain uncertain about engaging with blockchain systems. How do you see this evolving?
It is still a very new concept. Even if you go back just 10 years, when you mentioned blockchain, people would just stare blankly. It’s like when the internet started—people did not think it would be a big deal. Adoption was slow and steady, and only a few understood it early on.
I think that’s what’s happening with blockchain now. As a CFO, I believe regulation is important. Regulation means governments are at least thinking about this space.
I may not agree with all regulations, but it opens the door to discussions. Some countries are very advanced in pulling together regulatory frameworks. The United States, for instance, is doing a lot right now under the new administration.
This kind of regulatory openness and acceptance will help CFOs track it better. But yes, the volatility is still there. And I think that’s because it’s new, and most people still don’t understand it. Blockchain is global—Bitcoin or Ethereum reacts quickly to world events.
It’s similar to gold or other major assets, but it moves even faster. That’s the world we live in now. Something happens on the other side of the world—say, in India—and within seconds, everyone’s phone is pinging.
People react instantly, and that leads to rapid trading in and out of these volatile assets. As acceptance grows globally, we will continue to see these assets grow. But yes, volatility will remain—hopefully decreasing over time as acceptance increases.
Since you mentioned the ecosystem and the U.S., if I were to ask—aside from the U.S.—which other markets do you see with huge potential?
What we are seeing in the ecosystem is a lot of large projects happening in the Middle East—especially in Dubai and the UAE. These are long-term projects that have been in development for a while. It is not a quick fix—it is relationship-based, from what I understand. We have not done anything directly in that region yet, but as more capital flows into those countries, it helps the global ecosystem.
In countries like India, or some in Africa, we are seeing opportunities arise. We are hearing more about places like Ethiopia, Pakistan—places we were not talking about five or six years ago.
It lets local communities leverage excess hydroelectric power or other resources, creating jobs in the process. The more acceptance, the better. In terms of global payments, it’s actually happening most in third-world countries, especially in Africa, where many people don’t have bank accounts—but they do have smartphones.
With electricity and a phone, someone can hold a Bitcoin wallet, get paid in Bitcoin and transact with local merchants. Instead of going through banks—which may not even give them an account or would charge high fees—they can just tap their phones and make micro-transactions.
We see this model expanding globally—not with a big bang, but with small “nuclear” moments—maybe that’s not the right word—but small “earthquakes” connecting people around the world. And I think that’s what’s going to help grow the global ecosystem.
And when these opportunities arise, as a CFO, what do you enjoy managing more—crypto money or traditional money?
I think it is about balance. Traditional money is where I come from. Cryptocurrency—which I have been involved in for the past seven years—is very different. For me, it is a long-term mindset. It is what we do, what we mine, what we produce for ourselves.
Because of its volatility, I have learned not to watch it every second. People ask me, “What’s the price of Bitcoin right now?” Honestly, I don’t always know. If you get caught up in the micro-movements, it’ll drive you crazy.
So we think long term. We believe in the asset. It is a different mindset. With traditional money, you pay your vendors, you receive financing—that is how money flows in. Very few customers are using Bitcoin or stablecoins for payments right now.
So as a CFO, it is an evolution—holding onto crypto for clients who want it, but thinking long-term and managing it carefully. Whenever possible, I use fiat currency, because that’s what most vendors want and I hold Bitcoin as a strategic asset.
How is the market evolving for Hive Digital Technologies? And what is your plan for the next couple of years?
Hive has been around since 2017. We were the first publicly traded miner. We started out mining Ethereum and now we have transitioned to Bitcoin.
About a year ago, we found a project in Paraguay and secured a 100-megawatt power contract. That was revolutionary for us and strategically shifted Hive’s vision. We have always been focused on green energy—hydroelectric and geothermal—that’s been our backbone.
We went from about 135 megawatts, added 100 in Paraguay, and were offered another 200. So by the end of the year, we will have over 430 megawatts of capacity—scaling from 6 exahashes to close to 25.
This puts us in a new league—we will be mentioned alongside companies like Riot and Marathon. It is our biggest strategic expansion, and it is going very well. We already have 100 megawatts online with over 9.5 exahash capacity—just in the last month.
We are continuing to look for more opportunities—hopefully expanding further in Paraguay and into other countries. We operate across nine time zones, in five different languages, so we are open to working in diverse jurisdictions. We want stable, low-cost energy environments. Unlike others focused solely on the U.S. or Canada, we are thinking globally.
Our multinational team opens up incredible opportunities across the Americas and around the world.
Given the high energy demands of crypto mining and data centres, how do you weigh infrastructure costs against returns in such a volatile market? And as Hive expands into AI and high-performance computing, does this push you toward more localised, efficient solutions like micro data centres to address energy, latency and regulatory needs?
With cryptocurrency and blockchain, the location of mining facilities doesn’t matter as much—because the blockchain is global.
But when you move into high-performance computing—which Hive is doing—then yes, local data centres become important. You might have one in Mumbai servicing local government or business needs. Jurisdictions want their data local. They want low latency. They want to deal with someone nearby.
So I do see micro data centres emerging worldwide for AI and high-performance computing. But from a blockchain perspective, facilities can be anywhere. We aim for green, low-cost energy—because energy is our biggest expense.
As a CFO, I can’t control Bitcoin’s price. All I can do is control our costs. That’s my job—manage the bottom line, be as efficient as possible with our operations team. And the price of Bitcoin? That’s out of my hands.
At the end of the day, I focus on what I can control—and accept the rest.
