Swan Bitcoin, a Bitcoin-focused financial services firm, has disclosed the launch of its Bitcoin mining venture, Swan Mining, which has been operating in stealth mode since last summer.
Swan Bitcoin, a Bitcoin-focused financial services firm, has disclosed the launch of its Bitcoin mining venture, Swan Mining, which has been operating in stealth mode since last summer. The company aims to expand its institutional offerings and is actively pursuing a public listing within the next 12 months.
Swan's decision to establish a mining unit stems from its vision of becoming a “comprehensive” Bitcoin company. Swan emphasizes that its mining business operates independently, utilizing a debt-free funding model and maintaining legal segregation from its other business arms. The company intends to allocate its next Series C funding equally among its financial services, mining, and acquisitions ventures.
Swan Mining has already achieved notable success, having mined 750 Bitcoin (BTC) with its current hash rate capacity of 4.5 exahashes per second (EH/s). The firm anticipates surpassing 8 EH/s in March upon the deployment of new mining equipment.
Swan's CEO, Cory Klippsten, is actively working towards achieving a public listing within the next 12 months. He said:
“Swan Mining is a great example of our company thesis playing out. With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities, and capital required to launch new business lines and grow them rapidly.”
Despite the focus on its mining venture, Swan assures that its financial services unit remains healthy and continues to grow. The company claims to have generated $125 million in revenue over the last 12 months and doubled its staff count.
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