40 Financial Firms from US to Europe Explore Tokenization of Cross-Border Payments

Previously, Swan Bitcoin, a bitcoin-focused financial services company, had revealed the launch of its Bitcoin mining venture, Swan Mining, which has been operational since last summer.

The company aims to expand its institutional offerings and is actively pursuing a public listing in the next 12 months. Swan’s decision to establish a mining unit stems from his vision to become a comprehensive Bitcoin company.

Swan Bitcoin emphasizes that its mining business operates independently, uses a debt-free funding model and maintains legal separation from its other business branches. The company intends to allocate its next Series C funding evenly across financial services, mining and acquisitions.

Swan Mining has achieved significant success, having mined 750 Bitcoin (BTC) with its current hash rate capacity of 4.5 exahashes per second (EH/s). The company anticipates surpassing 8 EH/s in March after the implementation of new mining equipment.

Swan CEO Cory Klippsten is actively working towards a public listing within the next 12 months. According to Klippsten, Swan Mining is a great example of the company’s thesis being fulfilled.

“With our exclusive focus on Bitcoin adoption and helping the industry grow, we continue to attract the talent, opportunities and capital needed to launch new business lines and grow them rapidly,” Klippsten was quoted as saying by Coinmarketcap, Tuesday (1/30/2024).

Despite its focus on mining, Swan ensures that its financial services unit remains healthy and continues to grow. The company claims to have generated revenues of USD 125 million or equivalent to IDR 1.9 trillion (assuming an exchange rate of IDR 15,775 per US dollar) over the past 12 months and doubled its staff.