Swan Bitcoin, a financial services firm centered around Bitcoin, has unveiled the launch of Swan Mining, its Bitcoin mining venture, after operating discreetly since last summer. The company is keen on broadening its institutional offerings and has set its sights on going public within the next year.
The decision to enter the mining sector aligns with Swan’s aspiration to evolve into an all-encompassing Bitcoin company. Swan emphasizes that its mining operations operate independently, funded without incurring debt and legally separated from its other business divisions. The company plans to distribute its upcoming Series C funding evenly across its financial services, mining, and acquisition endeavors.
Swan Mining has already achieved significant milestones, mining 750 Bitcoin (BTC) with its current hash rate capacity of 4.5 exahashes per second (EH/s). The firm aims to exceed 8 EH/s by March with the introduction of new mining equipment.
Cory Klippsten, Swan’s CEO, is actively steering the company toward a public listing in the next 12 months. He expressed, “Swan Mining is a great example of our company thesis playing out. With our exclusive focus on Bitcoin adoption and industry growth, we continue to attract the talent, opportunities, and capital needed to launch and rapidly expand new business lines.”
Despite the emphasis on mining, Swan assures the continued health and growth of its financial services unit. The company reports generating $125 million in revenue over the last year and doubling its staff count.
