Swan Bitcoin's Mining Venture Grows; Plans for Public Listing within the Year
Summary:
Swan Bitcoin, a Bitcoin-centered financial services company, announced its new venture, Swan Mining, launched last summer. It has mined 750 Bitcoin to date and plans to increase its hash rate capacity with the roll-out of advanced mining equipment in March. The mining division follows Swan’s aim of becoming a more integrated Bitcoin organization and maintains a separate balance sheet from its other operations. The firm looks forward to splitting its next round of Series C funding among its financial services, mining, and acquisitions ventures, with plans to go public within the next year.
In the summer of last year, Swan Bitcoin, a financial services company that focuses on Bitcoin, announced its new Bitcoin mining project, Swan Mining. The purpose of the venture is to diversify its institutional offerings and the firm is now rigorously preparing to become a publicly-traded company in the coming year. Since its unpublicized inception, Swan Mining has successfully mined 750 Bitcoin (BTC) with the current hash rate capacity of 4.5 exahashes per second (EH/s). The news was officially announced by the parent company on January 25th.
With the planned deployment of advanced mining equipment in March, the company anticipates its hash rate capacity will cross 8 EH/s. The establishment of a mining division aligns with Swan’s objective of becoming a more integrated Bitcoin organization. Contributing to the security of the Bitcoin network represents a critical aspect of this endeavor.
Swan was clear in asserting that its mining company isn’t going to rely on debt and will maintain a separate balance sheet from its other business divisions. Swan’s mining enterprise strictly avoids utilizing debt as a funding model, and its business elements are legally independent from other areas of Swan's operations.
Details of the next round of Series C funding reveal the company's intention to distribute the capital evenly among its financial services, mining, and acquisitions ventures. The company's CEO, Cory Klippsten, is seriously pursuing a public listing within the next 12 months.
Swan Mining had a discreet launch to prevent any undue influence on the pricing of ASIC miners, according to Rapha Zagury, the company's investment chief and head of Swan Mining. The firm's CEO, Cory Klippsten, applauded the positive developments at the company, stressing that Swan's commitment to promoting Bitcoin adoption and supporting industry growth continues to draw talented individuals to the company.
The mining division of the firm has joined forces with several industry stakeholders and is planning to aid in capital raising, balance sheet restructuring, and unlocking substantial operational and financial benefits for partners. Swan also pointed out that its financial services division is thriving and consistently expanding. Over the past year, the company generated a revenue of $125 million and doubled its employee count.
Published At
1/26/2024 2:31:05 AM
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