Swan Bitcoin announces US mining business, with 750 BTC mined already

Swan Bitcoin BTC -1.60% , a California-based investment platform focused exclusively on the leading cryptocurrency, has expanded into bitcoin mining, the company announced on Thursday. 

According to CEO Cory Klippsten, the company, which offers bitcoin purchases, asset management and financial advisor services, has been operating a mining arm since July 2023 that’s now coming out of stealth mode. Since July, Swan has mined more than 750 bitcoins, the company said.

Seven mining farms are powered by 160 megawatts of electricity and producing 4.5 exahash of mining power, Klippsten told The Block. Three more will come online in March, increasing the overall hashpower up to 8 exahash, he added. The farms will be both in the U.S. and overseas, Klippsten said, declining to disclose where or what kinds of power sources are being used. 

"Our long-term goal is to be about 50% in the U.S. and 50% outside of the U.S.," Klippsten said, adding that he is "a huge fan" of mining domestically but also likes to look for low-cost power globally. 

Public listing in the works

Swan's mining operation is led by Rapha Zagury, an alumnus of Deutsche Bank and Merrill Lynch who spent over 5 years at Brazilian consumer credit startup Open Co before joining Swan as chief investment officer last January.

According to Klippsten, Swan is working to achieve a public listing within the next 12 months. In December, Swan announced it is deploying $205 million of capital across its equity, credit and hedge funds. The company currently generates $125 million in annualized revenue and is planning to raise a Series C financing round in the coming months, according to Swan.