For many cryptocurrency-focused companies, Bitcoin mining is the way to go. That said, a financial services firm specializing in Bitcoin, Swan Bitcoin, has revealed the success of its recently launched Bitcoin mining venture, “Swan Mining.”
The venture has been running secretly since last summer and aims to boost its institutional offerings. Swan is also eyeing a public listing in the next year.
According to its directors, Swan aims to become a “comprehensive” Bitcoin company, and that’s why it set up a mining unit. The company says its mining business is separate from its other businesses and uses a free-from-debt funding model.
Swan is looking forward to allocating money that will be sourced from its Series C funding across all its three core businesses; financial services, mining operations, and acquisition venture.
The company has so far successfully mined 750 Bitcoin. After acquiring additional mining hardware, Swan Mining hopes to expand operations by March.
The company’s CEO, Rapha Zagury, previously worked at Deutsche Bank and Merrill Lynch, followed by a significant tenure at a Brazilian consumer credit startup named Open Co, spanning over 5 years.
Rapha Zagury assumed the CIO position at Swan Mining at the beginning of 2023. The company reassures both current and prospective investors about the continued success of its financial services, despite its current emphasis on the mining endeavor.
Swan recorded a revenue of $125 million in the past trading year, experiencing a 100% growth in its workforce during the same period. Simultaneously, it is actively pursuing plans to become a publicly traded entity by the upcoming year.