Swan Bitcoin, a California-based investment platform focused exclusively on the leading cryptocurrency, has expanded into Bitcoin mining, the company announced Thursday.
According to CEO Cory Klippsten, the company, which offers Bitcoin purchases, wealth management and financial advisory services, has been operating a mining arm since July 2023 that is now coming out of stealth mode. According to the company, Swan has mined more than 750 Bitcoins since July.
Seven mining farms are powered by 160 megawatts of electricity and produce 4.5 exahash of mining power, Klippsten told The Block. Three more would come online in March, bringing the total hashpower up to 8 exahash, he added. The farms would be located both in the U.S. and abroad, Klippsten said, declining to disclose where and what types of energy sources would be used.
“Our long-term goal is to have about 50% in the U.S. and 50% outside the U.S.,” Klippsten said, adding that he is “a big fan” of mining domestically but also likes to look for low-cost power worldwide .
Public listing in progress
Swan's mining operations are led by Rapha Zagury, a Deutsche Bank and Merrill Lynch graduate who spent over five years at Brazilian consumer lending startup Open Co before joining Swan as chief investment officer last January.
According to Klippsten, Swan is working to go public within the next 12 months. In December, Swan announced The company invests $205 million in capital across its equity, credit and hedge funds. According to Swan, the company currently has annual revenue of $125 million and plans to close a Series C funding round in the coming months.
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