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.
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.
"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 mining@swan.com.
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 USDâ‚®
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
Sarah Cohen, Melrose PR, (310)
260-7901, sarah@melrosepr.com
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SOURCE Swan Bitcoin