Swan Bitcoin’s Newly Launched Mining Unit Seeking for Public Listing
In a January 25 report, the California-based investment company Swan Bitcoin unveiled the milestones made by its newly launched mining arm. Primarily the investment company launched Swan Mining last year to expand its product offering to institutional clients.
Unknown to many since the launching of Swan Mining, the investment firm operated the mining division in stealth mode. It implies that Swan Mining arm has completed the primary development stages and is ready to go live as a publicly traded company.
Swan Bitcoin Unveils Its New Mining Division
The report demonstrated that the Swan team has been actively working to receive its initial public offering (IPO) since last summer.
Following the launching of Swan Mining the company has demonstrated its preparedness for the long-awaited Bitcoin halving. Currently, Swan Mining has mined around 750 Bitcoins.
To tap into the benefits offered by the upcoming Bitcoin halving event the Swan team plan to invest in acquiring new mining rigs to increase the computational power from 4.5 exahashes (EH/s) to 8 hash rate capacity.
According to the announcement the Swan team anticipated to purchase the new mining equipment by March ahead of the upcoming Bitcoin halving. In an interview with Swan spokesperson the official confirmed that the reason behind establishing the mining facility was to develop a “comprehensive” Bitcoin firm.
The official confessed that Swan has supported the growth of the Bitcoin ecosystem for more than five years by offering complete suite of financial products. The spokesperson added the Swan product offering supported the firm in expanding to Bitcoin mining activities.
Miners Prepare for Bitcoin Halving
Even though Swan Mining’s arm was still in its early growth stage the spokesperson believes that with the ongoing projects the investment company will expand its revenue stream. He anticipates that the newly launched mining arm will not expose Swan to “bad debts.”
In his statement, the spokesperson argued that the funding method used by the investment company to finance Swan Mining will not rely on debts. He stated that the Swan Mining arm is treated as a separate entity from the other businesses.
The official recognized the remarkable contributions made by institutional clients in funding the Swan Mining division. Currently, Swan institutional clients have raised around $100 million towards the mining projects.
He added that in the coming day, Swan plans to raise more funds to support expansion of operations. In the proposed fundraising the Swan team will host separate Series C funding rounds for its core businesses in finance, mining and acquisition ventures.
Swan Bitcoin Seek to Expand Operations
In a subsequent report, the chief investment officer at Swan Rapha Zagury revealed that the investment company plans to leverage vast financial expertise and operational excellence to support the mining arm to attain its long term objective.
The executive anticipates Swan users to invest their equity capital in the mining division which will yield initial payouts in return. Upon contacting the executive to inquire the reason why Swan remained in stealth mode even after the launch Zagury argued the mining arm avoided disrupting the pricing of ASIC miners.
The official confessed that after the launch of the Swan mining division, the investment company has partnered with key industry players to support the firm in attaining administrative and financial obligations.
Zagury added that collaboration with several firms and investors will support the restructuring of Swan’s balance sheet and fundraising. He stated that the expansion of Swan to the mining sector did not interfere with the financial health of its parent company.
Mainstream Adoption of Crypto
A review of last year’s performance demonstrated that the Swan investment and financial arm generated a revenue of $125 million. The increase in revenue generated from Swan financial services enabled the firm to increase its headcount.
Also, the Swan Bitcoin raised $205 million in a funding round led by the chief executive Cory Klippsten. This investment was redirected towards Swan equities, hedge fund and capital to boost the annual revenue to $125 million.
At this time Swan Bitcoin CEO vowed to do his best to support the growth of Bitcoin and create more value for Bitcoiners. The executive admitted that Swan will continue with its primary business of offering world-class financial services while pushing for the mainstream adoption of Bitcoin.
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