Swan Bitcoin launches Managed Mining service for institutional investors, announces strategic collaboration with Tether, targets 100 EH by 2026.
CALABASAS, Calif., May 7, 2024 /PRNewswire-PRWeb/ -- Swan Bitcoin, a leader in Bitcoin mining innovation, is proud to announce the launch of Swan Managed Mining, a new bespoke approach for institutional investors seeking to allocate $100 million or more into the Bitcoin mining ecosystem. Swan provides its clients with fully segregated and dedicated mining operations, catering to their unique requirements, opportunities, and strategic advantages.
"Large capital allocators don't necessarily want to pool their capital with pre-existing mining operations, nor are they able or interested in acquiring all the skills, talent, experience, and time to learn how to stand up their own mining operation," said Cory Klippsten, CEO of Swan. "This is where Swan Managed Mining comes in. We can take a large amount of capital and deploy it quickly and efficiently into a mining operation owned by the investor that meets their particular strategic requirements."
Swan Mining has demonstrated its ability to rapidly develop and deploy industrial-scale mining operations globally, deploying over $330 million since August 2023 and now operating over 7.5 EH, with contracts to build out to 19.5 EH this year.
"By providing our clients with management services for their own separately established mining activities, they can grow their operations according to their own desires and opportunities," added Raphael Zagury, Swan CIO and head of Swan Mining. "They can potentially depreciate their equipment, locate it in jurisdictions of their choice, work with partners they approve of, and receive real-time granular reporting of all the mining activities they own."
Managed Mining represents an innovative way to allocate resources and capital to mining. Clients gain instant access to deep expertise in each of the core competencies involved in Bitcoin mining, including financial modeling, site procurement, deployment, and machine optimization. Swan's partnerships with leading ASIC manufacturers, power generators, mining pools, and hosting facilities allows Swan Managed Mining to deliver unparalleled economies of scale, speed of deployment, and operational efficiencies for clients.
Swan is partnered with major investors and operators on four continents, and is aiming for continued rapid expansion. Alongside its bespoke programs, the firm also plans to launch a fund to allow HNWIs, family offices, and smaller institutions to participate with investments in the $5-50M range.
Expanding Collaboration with Tether
Tether, the world's largest digital asset company with $4.5B of profit in Q1, has collaborated with Swan to expand its involvement in the Bitcoin mining sector. Tether has already dedicated substantial capital to establishing a major presence in Bitcoin mining, much of it through Swan. Tether's significant commitment demonstrates the quality of execution and financial appeal of Swan's model to large allocators of capital.
Paolo Ardoino, Tether's CEO added: "The collaboration with Swan in the mining sector has exceeded our expectations. Swan's team has demonstrated an unwavering commitment to transparency and operational excellence, achieving rapid deployment of hashrate. We are thrilled about the future of this collaboration and the significant strides we are making together in advancing the mining industry."
Vision for Growth
With the official launch of Swan Managed Mining, the company foresees rapid expansion of its client base, with a target of more than 100 EH under management by the end of 2026. The company is currently in discussions with multiple large international institutions, and invites interested parties to get in touch by writing to [email protected].
About Swan
Swan is a leading Bitcoin financial services company with more than 120,000 clients and 170 employees, operating globally. Established in 2019, Swan helps individuals and institutions to understand and invest in Bitcoin. The Swan app simplifies Bitcoin purchases with instant and recurring buys. Swan IRA provides a tax-advantaged solution for saving Bitcoin in retirement accounts. For HNWIs and businesses, Swan Private provides white-glove service for large purchases, treasury solutions, and employee Bitcoin benefits. With Swan Vault, clients can easily custody their own Bitcoin with peace of mind. Financial advisors trust Swan Advisor for client Bitcoin allocations, backed by world-class custody and educational content. Swan Managed Mining provides clients with fully segregated and dedicated mining operations, catering to their unique requirements, opportunities, and strategic advantages. Swan prides itself on exceptional client service, making Bitcoin accessible to all. For more information, please visit swan.com.
About Tether and USD₮
Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape, with a mission to provide accessible, secure, and efficient financial, communication, and energy infrastructure. Tether enables greater financial inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike.
As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance.
Media Contact
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SOURCE Swan Bitcoin
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