A mature approach by BlackRock to promoting its new spot ETF with an ad labelling Bitcoin simply as 'progress'.
Swan Bitcoin, a California-based financial service firm, is extending its presence across the cryptocurrency industry with its new Bitcoin mining venture, Swan Mining, which is the company’s mining arm operating since the summer of last year.
The firm revealed that the mining venture aims to expand its institutional offerings and is now actively working to become a publicly traded firm within the next 12 months. On January 25, 2024, Swan Mining revealed that it had mined more than 750 BTCs.
Swan mining has been launched and operated in stealth mode. Currently, Swan Mining contributes “4.5 exahashes per second (EH/s) to the BTC network, meaning that Swan mines 1 of every 100 BTCs mined globally“. The firm expects its mining capacity to increase to more than eight exahash by March 2024. Swan posted on X:
📢‼️⚒️ SWAN MINING IS HERE 📢‼️⚒️
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 Media (@Swan) January 25, 2024
The company mentioned that part of its plan to launch a mining unit was to build a comprehensive BTC company, and part of that effort has skin in the game by contributing to securing the BTC network while supporting the expansion of energy production and stabilising the electrical grid. Swan Mining began operations in the summer of 2023. Chief Investment Officer at Swan and Head of Swan Mining, Rapha Zagury, suggested that Swan Mining’s developed and deployed hash rate is the fastest-ever speed at the scale of BTC history. Zagury highlighted that partnering with some of the best operators in a stealth mode is Swan Mining’s strategy to avoid disrupting ASIC pricing.
Swan’s Public Listing
According to the announcement, Swan Mining’s business uses a funding model with no debt and legally segregates its entities from the rest of Swan Bitcoin’s business. Zagury said, “We bring financial expertise and operational excellence while our investors provide equity capital to our mining unit in exchange for priority on initial payouts and continued shared upside.” Sugary added, “We are proud to play a role in keeping Bitcoin mining decentralised. With hard work and a little luck, we hope Swan Mining will help to secure the network for many decades.”
Over the past year, Swan has expanded dramatically, doubling team size and growing revenue to deploy $205 million of capital across equity, hedge funds, and credit. The company generates over $125 million in annual revenue and is eyeing a Series C financing in the coming months. Swan revealed that raised capital would be split between the company’s financial services, mining and acquisition divisions.
Swan Background in Bitcoin
Swan is a leading Bitcoin investment company. Bitcoin purchases are simplified with a user-friendly Swan app with instant and recurring buys, while Swan IRA provides a tax-advantage solution for saving BTC in retirement accounts. Swan offers tailored white-glove service for large purchases, employee Bitcoin benefits and treasury solutions. Clients can quickly get custody of their Bitcoin with Swan Vault. Swan is trusted by financial advisors for Bitcoin allocations backed by world-class custody and educational content. Swan makes Bitcoin accessible to all.