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Swan Builds Bitcoin Mining Arm and Plans to Go Public

26/01/2024 01:24

ETF

0.18%

According to Blockworks, Swan, a bitcoin-focused financial services company, has been developing a bitcoin mining arm since the summer of 2023. The company is also considering a Series C funding round and aims to become publicly traded within the next year. Swan Mining will operate under Swan Institutional, a recently announced division that plans to offer bitcoin-backed lending, advisor services, asset management, private equity, and a bitcoin trust company. This news comes amid a turbulent period for bitcoin mining companies, with mining stocks experiencing fluctuations in anticipation of spot bitcoin ETF approval. In late 2023, Swan reported generating $125 million in annualized revenue, with mining being the company's largest source of top-line revenue, according to CEO Cory Klippsten. The firm aims to have half of its mining rigs in the US and half abroad, but has not disclosed the current location of most of its rigs. Swan's miners are capable of producing 4.5 exahashes per second (EH/s) and the company hopes to increase this figure to eight EH/s by March. At the time of publication, Swan contributes just under 1% of all bitcoin mining power. Swan is looking to raise a Series C funding round, with the target amount still in flux, although the company has previously mentioned $150 million. Klippsten also revealed that Swan's bitcoin lending service is expected to launch in February, and the company plans to go public in the next year after extensive work with auditors, lawyers, and bankers.

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