Bitcoin-focused financial services firm Swan Bitcoin revealed it launched a new Bitcoin mining venture in the summer of last year to expand its institutional offerings and is now "actively working" to become a publicly traded company within the next 12 months.
Swan Mining, which had launched and operated in “stealth mode,” has already mined 750 Bitcoin (BTC) from its current hash rate capacity of 4.5 exahashes per second (EH/s), the parent company said on Jan. 25.
The firm expects its hash rate capacity to exceed 8 EH/s when it deploys new mining equipment in March.
‼️⚒️ SWAN MINING IS HERE ‼️⚒️
— Swan Media (@Swan) January 25, 2024
We've been working hard on a big opportunity that came our way last year, and today, we're excited to bring our mining operation out of stealth mode.
We're mining around 4.5 EH -- closing in on 1% of the network -- with equipment in hand to…
Swan said the motive to launch a mining unit was part of its plan to build a more “comprehensive” Bitcoin company.
“Having skin in the game by contributing to securing the Bitcoin network is part of that effort.”
Swan also emphasized that its mining company won’t tap into debt and keeps its balance sheet separate from its other business arms.
“The funding model for Swan’s mining business uses no debt, and its entities are legally segregated from the rest of Swan’s business.”
The firm said it intends to split its next Series C funding equally among its financial services, mining and acquisitions ventures and that its CEO, Cory Klippsten, is “actively working” to achieve a public listing within the next 12 months.
Related: Swan Bitcoin to terminate customer accounts that use crypto-mixing services
Swan Mining launched in stealth mode to avoid causing disruption in the pricing of ASIC miners, revealed the firm’s chief investment officer and head of Swan Mining, Rapha Zagury.
IMO this is the key element of the @swan story:
— Cory Klippsten | Swan.com #Bitcoin (@coryklippsten) January 25, 2024
“Swan Mining is a great example of our company thesis playing out,” said Cory Klippsten, Swan founder and CEO. “With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent,… https://t.co/YALGZoycU4
The firm’s mining unit has also teamed up with several “industry players” with plans to support capital raises, restructure balance sheets and unlock “significant operational and financial upside” for partners.
Swan also stressed that its financial services unit remains “healthy” and continues to grow. The firm claims it brought in $125 million in revenue over the last 12 months and doubled its staff count.
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